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Daily Technical Insights 22 June 2022



USDJPY charged higher into historical territory on the 21st. Despite the weakness shown by the Dollar Index, the Japanese Yen has continued to fall against the U.S. Dollar. The widening interest rate differential between the U.S. and Japan continues to present carry trade opportunities in the near term. The BoJ has reiterated its dovish stance and will continue to purchase government bonds at a fixed rate for the foreseeable future.

On the technical side, USDJPY remains firmly supported by the support level at 132.1 and does not see any firm resistance in the near term. RSI for the pair sits at 70.14, as of writing. On the four-hour chart, USDJPY currently trades above its 50, 100, and 200-day SMA.

Resistance: 135.56

Support: 133.5, 132.5


EURUSD traded mostly sideways on the 21st. U.S. equities popped after the Juneteenth holiday; on the other hand, the U.S. Greenback presented some weakness as the Dollar index closed 0.06% lower. Market participants will now turn their focus on Fed chair Jerome Powell’s testimony that is scheduled during the American trading session. On the horizon, ECB’s council member Ollie Rehn hinted at a possible further interest rate hike for July.

On the technical side, EURUSD has been on a slow upward trend but resistance sits near at around the 1.05483 price level. RSI for the pair sits at 46.07, as of writing. On the four-hour chart, EURUSD currently trades below its 50, 100, and 200-day SMA.

Resistance: 1.05483, 1.07691

Support: 1.04036, 1.03783


GBPUSD traded higher for the second straight day as the U.S. Greenback loses steam. Risk sentiment shift as global equities rallied has buoyed the British Pound as market participants rotate out of safe-haven assets, such as the U.S. Dollar. U.S. housing market showed weaker signs as existing home sales declined 3.4%, the lowest level since June of 2020. Existing home sales have fallen for the 4th consecutive month.

On the technical side, GBPUSD remains supported by our previously estimated support level at the 1.2173 price region. Near-term resistance at 1.239 remains unchallenged. RSI for the pair sits at 44.47, as of writing. On the four-hour chart, GBPUSD is currently trading below its 50, 100, and 200-day SMA.

Resistance: 1.25944, 1.239

Support: 1.2173, 1.20824

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