Forex Technical Analysis on Majors

by Stoyan Mihaylov
www.deltastock.com
GBP/USD
Current level- 1.9546
The pair is in a broad consolidation above 1.9338 and below 2.0397. Technical indicators are flat on the higher time-frames and trading is situated below the 50- and 200-day SMA, currently projected at 1.9781 and 1.9913.
Last week the pair managed to break below the dynamic support at 1.9817, reaching low today at 1.9683. Only above 1.9634 it will be clear. that a local bottom is in place and the slide from 1.9929 is already over. Outlook remains bearish, with crucial resistance at 1.9719 and target at 1.9443.

USD/JPY
Current level - 107.72
The pair has finalized its corrective uptrend from 95.75 mid-term bottom with the recent top at 108.59. Trading is situated below the 50- and 200-day SMA, currently projected at 105.81 and 107.25.
Obviously 108.44 is a tough resistance level and we rather prefer the idea, that the pair is entering a larger corrective phase below 108.44 and above 106.06. Yesterday's spike-high has reached precisely our target at 108.37, thus setting a local top at that level, finalizing the rise from 106.59 (25 July). Now a minor downtrend is on the run, targeting 106.61 with an intraday resistance, projected at 108.14.