Daily analytical report (05/07/18)

Alpari Market Review
Alpari Market Review

The GBPJPY pair broke two downwards trend lines and the upper line of the pennant formation. This has all the makings of a buy signal. At least almost all, as we still need to break the horizontal resistance around 146.5. Once the H1 candle closes above the green area, we will get a significant buy opportunity.

Next is the EURJPY pair, which for the past few days has been caught within a tight range of 128.6 and 129.5. It would be a nice buy signal if the price closed above the upper boundary. Currently, that seems more likely, as the price is attacking this resistance as we speak.

The EURUSD pair defended the mid-term horizontal support and the long-term upwards trend line. Time for a bullish counter. The price is breaking the mid-term downwards trend line, but for a proper signal we still need to see the breakout of the resistance on the 38.2% Fibonacci.

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