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Published: 22 July 2026,06:04
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USDJPY, H4:
USD/JPY has confirmed a strong bullish breakout after breaking above its ascending triangle formation. Following the breakout, the pair has gained more than 0.4%, reinforcing the validity of the pattern and signaling that buyers have regained firm control of the market.
The breakout from the ascending triangle represents a significant technical development, confirming a bullish continuation and suggesting that the prevailing uptrend is likely to extend in the near term.
Momentum indicators continue to support the constructive outlook. The Relative Strength Index (RSI) has moved into overbought territory, reflecting the strength of the recent rally. Meanwhile, the Moving Average Convergence Divergence (MACD) has rebounded above the zero line and continues to diverge higher, indicating that bullish momentum is strengthening and remains firmly intact.
Although the overbought RSI may increase the likelihood of a short-term consolidation or modest profit-taking, the broader technical structure remains positive. As long as the breakout level holds as support, the pair is expected to maintain its bullish trajectory.
Resistance Levels: 164.20, 165.15
Support Levels:56.70, 52.80
GBPUSD, H4
GBP/USD has broken below its short-term ascending trendline, generating a bearish trend reversal signal and shifting the near-term technical bias in favor of the bears. The breakdown suggests that bullish momentum has weakened and that sellers are beginning to regain control of the market.
The next key level to monitor is the previous swing low at 1.3340. A decisive break below this support would further validate the bearish outlook, confirming the continuation of the downtrend and increasing the likelihood of additional downside in the coming sessions.
Momentum indicators also reinforce the negative technical picture. The Relative Strength Index (RSI) is approaching oversold territory, reflecting growing selling pressure, while the Moving Average Convergence Divergence (MACD) has crossed below the zero line, confirming that bearish momentum has strengthened and remains intact.
Although the RSI nearing oversold levels may raise the possibility of a short-term technical rebound, the broader outlook is expected to remain bearish unless GBP/USD can reclaim its broken uptrend support.
Resistance Levels: 1.3430, 1.3535
Support Levels:1.3305, 1.3171
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