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GBPUSD breaks above 1.4778 resistance, suggesting that a short term cycle bottom has been formed at 1.4585 on 4-hour chart. Further rise could be seen to test 1.4957 resistance, a break above this level will signal the resumption of the medium term uptrend from 1.3654 (Mar 11 low), and then the next target would be at 1.5200 level.



Daily Forex Forecast

USDJPY might be forming a short term cycle bottom at 99.31 level on 4-hour chart. Key resistance is located at 100.85, a break above this level will confirm the cycle bottom. Range trading between 99.31 and 101.43 is expected in next several days. The price action in this range is treated as consolidation of the uptrend from 93.53 (Mar 19 low), we are waiting for a break of 101.43 to confirm the resumption of the uptrend.



Daily Forex Forecast

USDJPY remains in uptrend from 93.53. Further rally could be seen to 105.00 zone in a couple of weeks. Near term support is at 98.50, as long as this level holds, the uptrend from 93.53 will continue. Medium term support is at the rising trend line from 87.12 to 93.53 now at 96.15, below the trend line support will indicate that the rise from 87.12 has completed.

For long term analysis, USDJPY formed a cycle bottom at 87.12 on weekly chart. Further rise to 105.00 zone to reach the next cycle top is expected.



Weekly Forex Forecast

As expected, EURUSD drops below 1.3112 previous low support, and the fall from 1.3581 extends further to 1.3089 level. Deeper decline is still possible to 1.2900-1.3000 area. Near term resistance is at the falling trend line from 1.3581 to 1.3335, and the key resistance is now located at 1.3335, as long as this level holds, we’d expect the downtrend to continue.



Daily Forex Analysis