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The British Pound edged higher by 57 pips or 0.38% against the Japanese Yen on Friday. The currency pair tested the resistance level at 152.20 during Friday's trading session.

The exchange rate could continue to surge during the following trading session. The potential target for the GBP/JPY pair would be near the weekly resistance level at 153.25.

However, the resistance line at 152.20 could still provide resistance for the currency exchange rate within this session.

On Friday, the Australian Dollar fell by 31 pips or 0.42% against the US Dollar. The AUD/USD currency pair breached the 50– hour simple moving average during Friday's trading session.

All things being equal, the exchange rate is likely to continue to edge lower during the following trading session. The potential target for sellers will be near the weekly S1 at 9.7298.

However, the currency exchange rate might reverse from the weekly pivot point at 0.7353 within this session.

On Friday, the common European currency edged higher by 52 pips or 0.40% against the Japanese Yen. The exchange rate tested the resistance level at 130.17 during Friday's trading session.

Everything being equal, the currency pair could continue to surge during the following trading session. The possible target for bullish traders will be near the weekly R1 at 130.72.

However, the resistance level at 130.17 could still provide resistance for the EUR/JPY currency exchange rate within this session.

Daily Pivots: (S1) 151.61; (P) 151.88; (R1) 152.25; More...

Intraday bias in GBP/JPY is turned neutral first with today's retreat. Another rise is in favor as long as 150.71 minor support holds. Above 152.12 will resume the rebound from 148.43 to 153.46 resistance first. . Firm break there will pave the way to retest 156.05 high. On the downside, however, break of 150.71 minor support will turn bias back to the downside for retesting 148.43 again.

In the bigger picture, rise from 123.94 is seen as the third leg of the pattern from 122.75 (2016 low). Focus remains on 156.59 resistance (2018 high). Sustained break there should confirm long term bullish trend reversal. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 at 167.93. On the downside, sustained break of 149.03 support, however, will argue that rise from 123.94 has completed. Further break of 142.71 would open up the bearish case for retesting 122.75 low.

Daily Pivots: (S1) 129.75; (P) 129.96; (R1) 130.33; More....

Intraday bias in EUR/JPY remains neutral at this point and more consolidations could be seen. Near term outlook stays bearish as long as 131.07 resistance holds. On the downside, break of 128.58 will resume the fall from 134.11, and target 127.07 resistance turned support next.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. As long as 127.07 resistance turned support holds, further rise is still expected to retest 137.49 (2018 high). However, firm break of 127.07 will argue that the medium term trend has reversed, and open up the case for retesting 114.42.

Daily Pivots: (S1) 0.8545; (P) 0.8564; (R1) 0.8582; More...

Intraday bias in EUR/GBP remains neutral at this point and near term outlook is mixed. On the upside, firm break of 0.8670 resistance will revive that case that rebound from 0.8470 is resuming. Intraday bias will be turned back to the upside for 0.8718 resistance first. However, break of 0.8502 will resume the choppy corrective fall from 0.8718 towards 0.8470 low.

In the bigger picture, price actions from 0.9499 are still seen as developing into a corrective pattern. That is, up trend from 0.6935 (2015 low) would resume at a later stage. This will remain the favored case as long as 0.8276 support holds. However, firm break of 0.8276 support will suggest that rise from 0.6935 has completed and turn medium term outlook bearish.

The pound remains under pressure after lackluster retail sales ex-fuel in June. The pair’s advance beyond 0.8610 has forced sellers to cover their positions.

The price has dropped back to the demand zone at 0.8550 for accumulation.

The RSI has recovered back to the neutral area. A rally above 0.8585 would confirm the bullish bias and rekindle buyers’ enthusiasm.

0.8610 is the next resistance, then a break above 0.8660 may trigger a runaway rally. On the downside, 0.8510 is still key support.

Daily Pivots: (S1) 1.5940; (P) 1.5969; (R1) 1.6012; More...

EUR/AUD rebounds after drawing support from 4 hour 55 EMA but stays below 1.6128. Intraday bias remains neutral first. Overall, near term outlook stays bullish as long as 1.5773 support holds. On the upside, break of 1.6128 will resume the rise from 1.5250, as a correction to fall from 1.9799, to 1.6827 resistance next.

In the bigger picture, current development argues that a medium term bottom is formed at 1.5250, on bullish convergence condition in daily MACD. Rise from 1.5250 is seen as a correction to the down trend from 1.9799 first. Stronger rise would be seen to 38.2% retracement of 1.9799 to 1.5250 at 1.6988 next. This will remain the favored case for now, as long as 1.5614 support holds.

The Canadian dollar stays muted despite a slight improvement in retail sales in May. The greenback has met stiff selling pressure near February’s high (1.2800).

The sharp drop is likely due to profit-taking after a rally above the resistance of 1.2650 from the daily chart. If longs succeed in holding 1.2500, the sentiment would remain bullish. Failing that, the pair may retreat to 1.2300.

The RSI is rising back to the neutrality area, a sign of buying interest in the demand area. 1.2730 would be the immediate resistance ahead.

The S&P 500 rose back to its previous high on strong corporate earnings.

The index has met strong bids around 4250, the top range of the late June consolidation. The subsequent surge gave no room for sellers to get a foothold.

An overbought RSI may prompt intraday traders to take profit at the peak (4392). 4380 has been established as fresh support where buyers could be lurking around. Further below, 4350 may provide another layer of support.

On the upside, a bullish breakout would extend the rally towards 4440.