FX Technical Update

Research evidence excerpt

FX Technical Update

J P M O R G A N Global Markets Strategy

24 July 2026

Showing no signs of buyer exhaustion, USD/JPY is a

trend until it isn’t

Technical Strategy

Jason Hunter AC

(1-212) 270-0034

jason.x.hunter@jpmorgan.com

J.P. Morgan Securities LLC

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• The DXY Index is lifting within its summertime trading range that has formed

above the June 2025-May 2026 base pattern breakout. The sideways action on

the heels of a multi-quarter pattern breakout favors an eventual extension to

higher prices. Key support remains near 100 for that bullish outlook.

• EUR/USD maintains a negative medium-term trend bias and nears a retest of

the 1.134 Feb 2025 38.2% retracement. Other nearby support includes the

1.1214-1.1276 2024 range highs. Bears keep firm control while the pair is

trading below 1.1483-1.1525 resistance.

• EUR/GBP staged a sharp rebound from the 0.8468 Dec 2024 61.8%

retracement and nearby Sep 2024-Mar 2025 base pattern highs. Look to the

0.86008-0.86098 breakdown area as key resistance. Until a clear base pattern