8DC FX

Technical Analysis for USDJPY EURUSD & GBPUSD

August 18 2022

USDJPY

USDJPY maintains its bullish momentum. However, 135.60 resistance is a key pivot point. A break up from 135.60 would allow further gains first to 136.00/20 and then 136.80.

If the Dollar fails to break 135.60, you will see a test first of 134.80 and then 134.00.

EURUSD

While the EURUSD remains below 1.0260 the downside remains under pressure.

EUR bears are looking for a break at 1.0120 to target 1.0060 support.

If the sentiment for the EURO remains bearish I would not be surprised to see another drop to parity, and possibly 0.9960.

However, if the EUR can recover to break back above 1.0260 the gloom will lift somewhat, and we would see 1.0320 and 1.0360 as upside targets.

GBPUSD

The Pound remains under pressure having failed to hold above 1.2120 yesterday.

As we write 1.2000 is being tested, and further downside probes to 1.1960 are looking likely. If 1.1960 breaks expect to see 1.1920/1.1900 in an extended down move.

Immediate resistance will now be found at 1.2050 and 1.2090.

Analysis by http://www.eightdragonscapital.com

Trade Forex and much more at http://www.8dcglobal.com

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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