Forex Trading WEEKLY CHARTS for July 28th-August 4th
USDJPY Daily Chart
The retreat from 161.93 has seen broad unwinding of short JPY position before a pause on Friday. Watch AUDJPY, which has been a leader.
151.84 tested (double bottom) which suggests
152-155 as a potential range ahead ot the key BOJ decision on Wednesday with the upside limited as long as 155 holds.
Watch the 200 day mva (yellow) )( especially after thge BOJ
How the market reacts will depend on
Whether there is a surprise (e.g. no rate hike) or
How much is already discounte
GBPUSD DAILY CHART
The key event will be Thursday’s BOE decision where a rate cut is possible in what will be a close call.
1.28-1.29 is the current range with retracement levels below 128 and 1.30 on the radar if above 1.30.36
1.2777 SUPPORT IS ALSO 61.8% OF 1.2612-1.3044 SO THE LEVEL THAT NEEDS TO HOLD TO MAINTAIN HOPOE THAT THIS IS A RETRACEMENT.
EURUSD DAILY CHART
After breaking 1.0871 support EURUSD moved to the sidelines, trading both sides of 1.0850 for 4 days in a row.
This suggests 1.0850 will dictate the tone
1.0871 the key level blocking a return to 1.0971 or keeping the risk on the downside.
Note the blue (100) and yellow (200) Â lines represent the 100 and 200 day mvas.
Key events to watch:
BOJ DECISION (EURJPY), FLASK CPI (EURUSD) FOMC DECISION (EURUSD), BOE DECISION (EURGBP)
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