USDJPY: The USDJPY coming off from weekly highs posted yesterday at the close of the US session. The USDJPY started to decline at the open of the Asian session today and continues downwards at early European session as well; retracing 50% of the gains made on yesterday’s trading. The USDJPY is hovering around the 100.00 level for the last days while Price action has formed a wedge pattern and a break to the downside or to the upside would signal the next move for the USDJPY. Support for the Pair is at 99.48 followed by 99.27 and 99.00. Resistance for the pair is at 100.15, followed by 100.44 and 100.62.
CL: Crude Oil posting a major sells off yesterday, breaking the Weekly low posted on Wednesday at 105.44 and posting a new weekly low at 104.76. Currently the CL is consolidating around the weekly lows. Longer term trend is still bullish for the crude oil, but a deeper setback could be ahead in light of recent gains in the crude oil. The CL has closed 4 consecutive weeks higher prior to this week. Short term preferred strategy is being bearish as long as we are below 105.89 with target objectives at 104.25 and 103.80. A move above 105.89 will negate this outlook and could indicate a resumption of the bullish momentum.
GBPUSD: The GBPUSD has opened the day higher after closing negatively yesterday. The GBPUSD has retraced 61.8% of the decline that started on June 17th highs at 1.5750 towards July 9th lows at 1.4812. The GBPUSD has posted a negative day yesterday after closing higher for 7 consecutive days. The preferred strategy is being bullish the pair as long as we are above yesterday’s lows which is the weekly low as well. Next target zones for the pair are at 1.5477 and 1.5560. A move below 1.5288 would negate this outlook and would target next 1.5150.