Two different signals on the JPY

A bit of hesitation on the GBPJPY. The pair is currently drawing a right shoulder of the H&S pattern. This is not happening in a random place. We are on the mid-term resistance created by the top from the middle of July. Currently, the most crucial level is the orange line. The breakout here will bring us a sell signal.

Next instrument is the EURJPY, where we do have an opposite signal for the JPY, so sell. That gives us a buy for the whole pair, which is mostly driven by the fact that the price is forming the ascending triangle pattern. That formation promotes the breakout of the horizontal resistance, even despite the fact that we are really high at the moment.

The last one is the SP500, which made a double bottom formation on a horizontal support and is ready to climb up again. With every new all-time high it is getting more difficult but hey, that will not be the first time that the SP500 will fight for the new records. They can do it!

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis