USD/JPY

USD/JPY fell 1.3% on Thursday, the biggest single-day drop since May 17, 2017. The Japanese Yen picked up a bid as President Trump ratcheted up the Sino-US trade war with more tariffs, triggering a flight to safety. USD/JPY is expected to find support at 106.76 and a fall through could take it to the support level of 106.64. On the other side, resistance stands at 107.38 and a rise through could take it to the level of 107.61.

USDJPY_02_08_19

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 104.57 105.90 106.66 107.99 108.76 110.08 110.85
1 WEEK 106.84 107.27 107.97 108.40 109.10 109.53 110.23
1 MONTH 105.90 106.56 107.68 108.34 109.47 110.12 111.25


EURUSD

EUR/USD is currently trading at 1.1088, having hit a high of 1.1097 in the Asian session. The pair faced rejection near 1.11, possibly due to risk off tone in the global markets. Later in the data, the focus would shift from trade tensions to the US monthly labour market report. EUR/USD is expected to find support at 1.1048 and a fall through could take it further to the support level of 1.1024. On the other side, resistance stands at 1.1111 and a rise through could take it to the next resistance level of 1.1137.

EURUSD_02_08_19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.0971 1.0999 1.1039 1.1067 1.1107 1.1135 1.1175
1 WEEK 1.0952 1.1027 1.1077 1.1152 1.1202 1.1277 1.1327
1 MONTH 1.0663 1.0862 1.0967 1.1166 1.1271 1.1470 1.1576


GBPUSD

GBP/USD remains on the defensive in the European open despite the overnight slide in the US treasury yields. However, A weaker-than-expected US jobs data could yield a corrective rally in the GBP/USD pair. GBP/USD is expected to find support at 1.2076 and a fall through could take it to the next support level of 1.2034. On the other side, resistance stands at 1.2161, and a rise through could take it to the next resistance level of 1.2190.

GBPUSD_02_08_19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1.1988 1.2034 1.2078 1.2124 1.2168 1.2214 1.2258
1 WEEK 1.2182 1.2279 1.2331 1.2428 1.2480 1.2577 1.2629
1 MONTH 1.1360 1.1740 1.1947 1.2327 1.2534 1.2914 1.3121


GOLD

Gold takes a U-turn during early Friday while flashing $1,435 on the chart, following its run-up to fresh multi-year high, mainly on trade war fears. A possible reason for the latest profit booking of the bullion could be the markets’ active tension mode ahead of the key US employment data for July month. Gold is expected to find support at 1,427.10 and a fall through could take it to the support level of 1,420.50. On the other side, resistance stands at 1,439.40, and a rise through could take it to the level of 1,444.70.

GOLD_02_08_19

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
1 DAY 1360.94 1383.12 1416.69 1438.87 1472.44 1494.62 1528.19
1 WEEK 1385.71 1398.43 1408.51 1421.23 1431.31 1444.03 1454.11
1 MONTH 1310.29 1347.57 1379.79 1417.07 1449.29 1486.57 1518.79