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Daily Technical Report 2-7-2024

Technical Analysis
By Shady Fouad
ENGLISH
0 17

DOLLAR INDEX

DXY

The US Dollar Index is trading around the 105.55 area. In case of a price drop from this area, we may target the 104.65 area. However, it is more likely that this area will be breached to the upside, targeting the 106.35 area.

Support

 104.65 104 –
Resistance 105.55 106

106.35

USDJPY

USDJPY

The USD-JPY pair is moving in an upward direction in the medium term, and prices have risen in previous trading sessions, breaking through the previous high . Thus, it is likely that the upward trend will continue. However, in the case of a break below the support zone at 161.25, we may target 160.50.

Support

 161.25 160.50 159.75
Resistance 161.80 162

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Shady Fouad

Shady Fouad is a technical analyst at LDN Company
Shady's strategic vision in the currency markets is reinforced by more than fifteen years of trading experience, which enables him to blend economic and technical analyzes with high efficiency, and find the best investment ideas for traders.

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