EURUSD, GBPUSD, USDJPY Technical Analysis, Pivot Points – July

EURUSD Daily Pivots

EURUSD (1.106): EURUSD saw a bearish close yesterday but the range remained within Monday’s high and low. As noted yesterday, this range play could be seen until Thursday’s NFP release. On the H4 charts, price attempted to break above 1.12245 yesterday but failed with price being rejected here which saw a decline to the support at 1.1135.

Considering the strong consolidation at this level, EURUSD could potentially look to decline lower to retest 1.095 level of support. This view is supported by the fact that price is still trading within the falling price channel and a dip to 1.095 is needed in order to expect a break out from the falling price channel.

USDJPY Daily Pivots

USDJPY (123.39): USDJPY is gradually moving to fill up the down gap from Monday’s price action. Yesterday’s price action closed on a bullish engulfing note. Price is now trading close to the falling price channel’s upper trend line and is threatening a possible breakout from here. Resistance comes in at 124 in the event of a price channel break out upon retest to 123 – 122.6. Failure to move above 124 resistance could see USDJPY drop back down to the main support at 122 – 121.7.

GBPUSD Daily Pivots

GBPUSD (1.561): GBPUSD saw a strong bearish price action yesterday after trading sideways for close to 5 days after prices failed to hold above 1.57525. On the intraday charts, the bearish triangle pattern that formed below 1.58 saw a breakdown of prices, breaking below 1.5698. The downside target for the triangle pattern shows price falling to a minimum of 1.551 region of support which we marked previously. As long as prices stay within the price channel and above 1.551, we can expect GBPUSD to bounce back higher. In the event price breaks down from the rising price channel we could expect declines to 1.52 after break of 1.5455.