EURUSD:
The break through the orange bearish corridor from May 12 is certain. After the price has been following the bullish trend line from June 12, the pair was brought through the upper level of the corridor. The price is about to reach the already broken 1.36711 neck line of the big double top formation as a resistance. Having in mind that the stochastic oscillator has almost reached the 100-80 area and it is about to give a signal for an overbought market, we have a reason to believe that the price might bounce from the 1.36711 resistance, which on the other hand might resume the already interrupted bearish activity.
USDJPY:
After interacting with the 102.770 resistance (green), on its way down, the price created a second shoulder and broke through the neck line (orange) of the small head and shoulders (green) formation with shoulders from May 27 and June 18. The price has almost reached the support at 101.197 and it has completed only about 50% of the potential movement of the already confirmed head and shoulders formation. For this reason, we believe that the price might break through the 101.197 support and might decrease to the next support at 100,756, which connects the bottoms from February 4 and May 21. Of course, there might be a bullish correction after the price interacts with the 101.197 support.
GBPUSD:
After increasing to its 5-years high at 1.70475, the Cable scored a tiny decrease and another increase to the 5-years high appeared. Currently, the price is testing the 1.70475 resistance, which having in mind its age, it might not even get broken. At the same time, the stochastic oscillator is decreasing, which creates a bearish divergence between the bottoms of the Cable and the stochastic oscillator. For this reason, we believe that it is more likely for the price to bounce from the level, which indicates the 5-years high, and to start a decrease, which might reach the 1.68377 support.
The break through the orange bearish corridor from May 12 is certain. After the price has been following the bullish trend line from June 12, the pair was brought through the upper level of the corridor. The price is about to reach the already broken 1.36711 neck line of the big double top formation as a resistance. Having in mind that the stochastic oscillator has almost reached the 100-80 area and it is about to give a signal for an overbought market, we have a reason to believe that the price might bounce from the 1.36711 resistance, which on the other hand might resume the already interrupted bearish activity.
USDJPY:
After interacting with the 102.770 resistance (green), on its way down, the price created a second shoulder and broke through the neck line (orange) of the small head and shoulders (green) formation with shoulders from May 27 and June 18. The price has almost reached the support at 101.197 and it has completed only about 50% of the potential movement of the already confirmed head and shoulders formation. For this reason, we believe that the price might break through the 101.197 support and might decrease to the next support at 100,756, which connects the bottoms from February 4 and May 21. Of course, there might be a bullish correction after the price interacts with the 101.197 support.
GBPUSD:
After increasing to its 5-years high at 1.70475, the Cable scored a tiny decrease and another increase to the 5-years high appeared. Currently, the price is testing the 1.70475 resistance, which having in mind its age, it might not even get broken. At the same time, the stochastic oscillator is decreasing, which creates a bearish divergence between the bottoms of the Cable and the stochastic oscillator. For this reason, we believe that it is more likely for the price to bounce from the level, which indicates the 5-years high, and to start a decrease, which might reach the 1.68377 support.