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    GBP/JPY Technical Levels and Trading Recommendations for July 3, 2012

    EUR/USD: The EUR/USD pair dropped by 280 pips last week closing below the resistance line at 1.0850. The next targets for bears are located around the support lines at 1.0800 and 1.0750. The resistance lines at 1.0950 and 1.0900 were successfully broken by bears. Thus, they might resist any rally attempts this week.

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    USD/CHF: As long as the EUR/USD pair goes down, the USD/CHF pair must go up. The pair moved upwards by over 200 pips last week closing above the support level at 0.9600. A break of the support level at 0.9500 (which was formerly a resistance level) was a major achievement for bulls. Until EUR or CHF gains a lot of stamina, this pair would continue going up.

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    GBP/USD: This currency trading instrument rallied last week, but the further rally was halted at the distribution territory around 1.5650. For a bullish bias to continue being valid, the distribution territory must be breached to the upside. Otherwise, there could be risk of a strong bearish correction this week.

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    USD/JPY: Several weeks ago, this market began to rally from the demand level at 120.50. It rallied by over 350 pips, going slightly above the demand level at 124.00. With further buying pressure, the supply level at 124.50 would be breached this week.

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    EUR/JPY: This cross first consolidated last week, but it brokeput downwards on Thursday, trending lower and lower gradually. On Friday, the price closed below the supply zone at 134.50. Since, there is a strong Bearish Confirmation Pattern in the chart, it is assumed that the southward journey would continue, especially as long as EUR is weak.

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