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EURJPY TECHS

Bearish Cycle Still In Play

FED

MNI INTERVIEW: Cleveland Fed Economist

USDJPY TECHS

Clears Supports

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  • RES 4: 1.4074 Low Jun 10
  • RES 3: 1.4001 High Jun 23 and key resistance
  • RES 2: 1.3849/3917 20-day EMA / 50-day EMA
  • RES 1: 1.3723/90 Low Jul 2 / High Jul 19
  • PRICE: 1.3669 @ 05:44 BST Jul 20
  • SUP 1: 1.3655 Low Jul 19
  • SUP 2: 1.3579 23.6% Mar'20 - Jun'21 Rally
  • SUP 3: 1.3567 Low Apr 2
  • SUP 4: 1.3520 Low Jan 18

GBPUSD traded sharply lower Monday, taking out key support at 1.3669, Apr 12 low as well as the 200-dma at 1.3700. The outlook remains bearish with moving average studies pointing south. A clear breach of 1.3669 would reinforce bearish conditions and pave the way for an extension of the bear cycle. This would open 1.3579, a Fibonacci retracement. On the upside, firm resistance is at yesterday's 1.3790 high.