Kickstart the FX trading for July 8 w/a technical look at the EURUSD, USDJPY and GBPUSD

In the kickstart video, I take a look at the 3-major currency pairs – the EURUSD, USDJPY and GBPUSD.

EURUSD: The EURUSD is trading near session highs as the North American session begins, and looks toward eight swing area between 1.08538 and 1.08617. The 1.08618 level also corresponds with the 50% midpoint of the range since 2023 high (on the daily chart). The ups and downs over 2024 has the 100 and 200 day moving averages converged at 1.0794. That is now a key support level for the pair today and going forward.

USDJPY: The USDJPY fell in the Asian session, but found support buyers against the key 160.208 level. That level represents the high price from April 29. It also was near swing lows from June 27 and June 28. Holding support against that level today (the low price reached 160.25), gave the buyers a go-ahead to push higher. The problem on the top side is the 100 hour moving average at 1.6121 which held resistance on Friday, did the same today. So a battle is being waged between the swing area of 160.208, and the 100-day moving average at 161.208. The current price trades between those levels.

GBPUSD: The GBPUSD is also trading at new session highs for the day, and at the highest level since June 13. Technically, the price moved above eight swing area going back to early March between 1.2816 and 1.28272. That area is now close support. Stay above and the high price from June at 1.28599 followed by the high price from March (and for the year) at 1.28931 are the major targets.

——————————–

RIP KJ

This article was written by Greg Michalowski at www.forexlive.com.