Yesterday, the dollar index (DXY) left its short-term range to the upside, but was rejected at the 103.54/57 resistance zone for the time being. The index is thus trading pretty much in the middle of the annual trading range, which unfortunately also reflects a bit of the current boredom in the FX market. At the level of the individual currency pairs, things do not look much more exciting in some cases, as we will see in a moment.
EURUSD -- 1.0939
With a lot of good will, one can see a small upward trend since February. However, with this small slope over this rather long period of time, the trend is not worth much. (I only wanted to draw it in because I haven't used a trend channel for a long time.) The reality is better described by acknowledging that the euro is trading below the 50 ema (1.0971) in bearish territory. Only a clear daily close above the 1.1000 figure could ease the downward pressure in the short term.
GBPUSD -- 1.2714
Even the big dip on 3 August below the 1.2700 mark was bought back. I therefore also suspected that the pound might have seen its low for the time being. However, the longer the currency pair trades below the 50 ema (1.2736) -- as happened in the last few trading days -- , the more likely it will test support at 1.2591 in the coming days. Above 1.2850, the short scenario is over. Below 1.2590 I would get rid of longs. Unfortunately, both levels are somewhat equidistant from the spot level.
USDJPY -- 145.53
The currency pair made it above the yearly high yesterday. Even the BoJ change in its yield curve control could not stop sustainably the recent 6.28% rally from 137.25 (14 Jul) to 145.87 (hod). Thus, the short scenario only becomes active again below 145. Above 145, you should keep your hands off shorts.
Good luck
Sebbo