Daily Forecast for Crosses: July 16
The EURUSD continued it’s upside momentum yesterday. On h4 chart below we have trendline resistance breakout suggesting bullish view but still unable to break above 1.4176 key resistance level. Today is the last trading day for this week and I hope we will see more significant movement. Break above 1.4176 should trigger further bullish momentum testing 1.4336 area. Initial support remains at 1.4050. CCI about to cross the 100 line down on h4 chart suggesting potential downside pullback 
Cable has just completed a correction down & now seems trapped between a rock (H4 res. @1.6458) and a hard place (1.63, the bearish mid-term confirmation point). While inside this area trading may be choppy & the mid-term direction is definitely not clear. Watch the 78% level about to be tested @1.6433 for clues whether the bulls can sustain this rally in short-term.
Above 1.6320 the bias is bullish however the road ahead looks full of obstacles & the current price action on EURGBP may not sustain the idea of a cable rally, at least not for now. Above 1.6458 the next target is 1.6538 (127% extension of the last bear move), while towards the south a break of 1.63 should trigger a move down to 1.6150 (current H4 TL support). CCI is about to turn up but looks rather flat around the 0 level. For the moment my preference is for short-term trades or scalps until key levels are breached on either side.
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EURJPY Forecast
The EURJPY had a significant bullish momentum yesterday, topped at 133.38 and closed at 132.87. This fact is a violation to the bearish medium term indicated by the H&S formation. The bias remains bullish in nearest term testing 134.50. However CCI in overbought area and heading down on h4 chart so watch out for a potential downside pullback testing 131.50 support area (former resistance).
GBPJPY Forecast
The GBPJPY had a significant bullish movement yesterday, topped at 155.14 and closed at 154.72. On h4 below we can see that the double bottom formation around 127.00 gave us a valid bullish reversal signal. The bias is bullish in nearest term testing 156.50. However CCI in overbought area and heading down on h4 chart suggesting potential downside pullback testing 153.00 area.