USDJPY: The USDJPY closing the trading week negatively, retracing all of last week’s gains and posting a new monthly low. Weekly bias remains negative for this week as long as we are below 99.20. Our preferred strategy is looking for a weekly top to sell at early stages of the week, preferably around 98.80, if get there. Weekly targets are at 97.54 initially followed by 96.95 and 96.57. Alternatively a move above 99.20 will negate our outlook and require a reevaluation of recent price action.
EURUSD: The EURUSD closing the trading week positively, for its 3rd week in a row. Friday’s price action was minor after posting a long bullish candle on Thursday. Price action also formed an inside day on Friday, which can be indicative of a short term reversal and a retracement before a resumption of recent gains. Sentiment in the EURUSD is also at overbought extreme. A break and sustaining below Friday’s lows at 1.3250 needed to confirm initiation of a deeper retracement, with target objectives at 1.3175, followed by 1.3087. An alternative scenario is buying weakness as long as we are above 1.3175 with next targets at 1.3310, followed by 1.3380 and 1.3415, the June high.
GBPUSD: The Cable closing the trading week positively, for its 3rd week in a row. Friday price action has formed an inside day, which could be indicative of a short term reversal before a resumption of recent gains in the pair. Strong support for the pair is at 1.5260 - 1.5290. A break below those levels in needed to confirm a bearish bias and maybe a deeper retracement before a resumption of recent bullish trend. Target objectives with a break of those levels are at 1.5220 initially, followed by 1.5190. An alternative scenario is buying weakness as long as we are above those levels with targets at 1.5430 initially, followed by 1.5470 and 1.5520.
Crude Oil: The Crude Oil coming off the monthly highs last week, posting a 1st negative week after closing higher for 4 weeks in a row prior to last week. The Crude Oil is currently trading around the 104 levels, as weekly bias for this week remains bearish as long as we are below 106.4 with targets objectives at 103.90 initially, the last week lows, followed by 102.20. a move above 106.4 would negate this outlook and would be a bullish signal and indicative of a resumption of recent bullish gains.