USDJPY: The USDJPY posting yesterday a positive daily close for a 3rd day in a row.  Weekly signals for the USDJPY are bullish as long as we are above 97.2. The USDJPY is currently trading at 99.90 which is the 61.8% Fibonacci retracement level  of the decline from May 22nd at 103.72 to June 13th lows at 93.77. Current levels could offer some resistance for the pair, but a break below 97.2 is needed in order for bearish momentum to resume. In view of this our call is to remain bullish at least until a bearish signal appears. Immediate targets are at 100.45 followed by 100.72. The risk to this call is a move under 99.15, weekly lows which would be a bearish sign.

  
USDCAD: Weekly signals for the USDCAD are bullish, tough current levels at the USDCAD could offer some resistance. Latest price action in the USDCAD is indicative of an uptrend, as price action is forming higher highs and higher lows. The USDCAD is trading at levels which haven’t been seen in the since 2011. A move below is needed 1.0420 in order to transform short term sentiment to negative. In view of this our call is to remain bullish in the pair as long as we are trading above 1.0420. Immediate targets at 1.0554, May 2013 highs followed by 1.0657, Oct 2011 highs.  

 

SP500: Latest price action in the SP500 have been minor, The SP500 is consolidating between 1600 and 1620 in recent days, which is indicative of indecision towards the next move  in the SP500. Current levels could offer some selling opportunities in the pair, as it seems like the SP500 lacks the momentum to continue higher and as long as we are trading below 1638. A break above this level would be a bullish signal for the index. On the Weekly time frame the long term trend in the SP500 is still upwards as a clear formation of higher highs and higher lows is visible. Tough latest moves in the pair are indicative of a deeper retracement ahead. In view of this our call is being mildly bearish with targets at 1598; this month lows, followed by 1574. The risk to this call is a move above 1638, which would be a bullish signal.