Kickstart the FX trading day for Aug 7 w/a technical look at the EURUSD, USDJPY & GBPUSD

In the kickstart video for August 7, I take a look at three the major currency pairs – the EURUSD, USDJPY and GBPUSD – from a technical perspective.

In the EURUSD, the price action is up-and-down, with support holding against the low from yesterday and above its rising 100-hour moving average at 1.0894 and it 50% midpoint of the move up from last week’s load to the high-priced this week. That level comes in a 1.0892. The combination is key support today and going forward. On the top side, 1.0942 – 1.0948 in the next key target to get to and through to increase the bullish bias.

In the USDJPY, the price moved higher as BOJ Deputy Governor Shinichi Uchida eased market concerns by emphasizing that the Bank of Japan’s interest rate path could change if market volatility affects their economic forecasts, risk assessments, and projections. He stated that Japan is not in a situation where they need to hike rates at a set pace and that they will avoid rate hikes during unstable market conditions. The move higher to the price above a swing area between 145.89 and 146.514. Also within that area in the 100 hour moving average at 146.306. Staying above in the short term would keep the buyers in play for further upside corrective price action.

The GBPUSD moved down yesterday and in the process tested it 50% midpoint target of the move up from the April low at 1.2671. Although the price fell below its 100-day moving average of 1.2687, that moving average did hold support in trading today before moving to new session highs in the late London morning/early US session. Topside resistance comes between 1.2754 and 1.2777

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