📊 Technical Analysis | July 22, 2026
â– Market Overview
The current market is being driven by yen weakness, rising crude oil prices, stronger gold, and gains in European equities.
In FX, USD/JPY has climbed to 163.07 and continues to show strong buy signals through the daily timeframe. EUR/JPY and CAD/JPY are also on strong buy signals across all monitored timeframes, confirming that yen selling remains one of the clearest market themes.
The dollar pairs, however, are more mixed.
EUR/USD is showing strong short-term buy signals, while the daily chart remains on a strong sell signal. GBP/USD is weak across all major timeframes, indicating that sterling is undergoing a broader correction.
AUD/USD and NZD/USD remain bullish on the daily charts, but selling pressure has emerged on the hourly timeframe, creating a clear divergence between the short-term and daily trends.
In commodities, WTI crude oil has risen to 87.35 and remains on strong buy signals from the short-term charts through the daily timeframe. It is once again one of the strongest markets.
Gold has also improved significantly, with strong buy signals from the short-term charts through the hourly timeframe and a buy signal on the daily chart.
In equities, the UK 100 and CAC 40 are showing strong buy signals across all timeframes, highlighting notable strength in parts of the European market.
By contrast, the Nikkei 225 is showing strong sell signals across all timeframes and is currently the weakest major equity index.
Overall, crude oil, gold, yen crosses, and European equities remain strong, while the Nikkei 225, GBP/USD, short-term GBP/JPY, and AUD/NZD on the daily chart remain weak.
â– Currency Markets
USD/JPY
USD/JPY is trading at 163.07.
The 5-minute chart is on a strong buy signal, the 15-minute chart is on a buy signal, and both the hourly and daily charts are showing strong buy signals.
Dollar strength and yen weakness have intensified again, lifting the pair above 163.
The technical structure remains clearly bullish, but intervention concerns are likely to increase further at current levels.
The upside bias remains intact, although confirming a pullback is preferable to chasing the market at elevated prices.
USD/CHF
USD/CHF is trading at 0.8125.
The 5-minute chart is showing a strong sell signal, while the hourly chart remains on a buy signal and the daily chart is on a strong buy signal.
The pair is facing some short-term resistance, but the broader dollar-buying trend remains intact on the medium-term and daily timeframes.
The setup is not as uniformly strong as USD/JPY, although the daily chart still confirms underlying dollar resilience.
EUR/USD
EUR/USD is trading at 1.1408.
The 5-minute and 15-minute charts are showing strong buy signals, while the daily chart remains on a strong sell signal.
The pair is rebounding in the short term, but the broader structure remains within a larger downtrend.
Long positions are more suitable for short-term trading, while the daily chart continues to favor caution toward selling on rallies.
GBP/USD
GBP/USD is trading at 1.3369.
The 15-minute, hourly, and daily charts are all showing strong sell signals.
Sterling’s previous strength has faded, and GBP/USD is now one of the weaker major dollar pairs.
With both the hourly and daily charts firmly bearish, selling rallies remains the preferred approach.
AUD/USD and NZD/USD
AUD/USD is trading at 0.6995.
The daily chart remains on a strong buy signal, while the 15-minute and hourly charts are showing sell signals.
The broader trend remains relatively firm, but a short- and medium-term correction is underway.
NZD/USD is trading at 0.5819.
The daily chart remains on a strong buy signal, while the hourly chart is showing a strong sell signal.
Both the Australian and New Zealand dollars retain bullish daily structures, but near-term upside momentum has weakened.
Until the short-term selling pressure subsides, confirming a pullback is preferable to chasing higher levels.
Yen Crosses
The broader yen-weakness trend remains firmly in place.
The strongest yen crosses are:
EUR/JPY
CAD/JPY
AUD/JPY
CHF/JPY
EUR/JPY is trading at 186.03 and is showing strong buy signals across all timeframes.
CAD/JPY is trading at 115.76 and is also on strong buy signals across all timeframes.
AUD/JPY remains on a strong daily buy signal. The hourly chart is neutral, but the broader structure remains resilient.
GBP/JPY, by contrast, is still on a strong daily buy signal but is showing strong sell signals from the 5-minute chart through the hourly timeframe, indicating a short-term correction from elevated levels.
NZD/JPY is also on a strong daily buy signal, while the hourly chart remains on a strong sell signal, creating a less stable near-term setup.
EUR/GBP
EUR/GBP is trading at 0.8534.
The short-term and hourly charts are showing strong buy signals, while the daily chart remains on a sell signal.
The short-term move reflects euro buying and sterling selling, but the broader structure still favors sterling.
The daily chart continues to suggest caution toward selling on rallies.
â– Commodity Markets
Gold
XAU/USD is trading at 4,125.52.
The 5-minute, 15-minute, and hourly charts are showing strong buy signals, while the daily chart is also on a buy signal.
Gold futures are trading at 4,130.37 and show the same structure, with strong buy signals from the short-term charts through the hourly timeframe and a buy signal on the daily chart.
Gold has improved significantly from its previous weakness and has returned to a bullish technical structure.
Short- and medium-term momentum remains strong, making gold one of the clearer buy-on-dip candidates.
Silver
XAG/USD is trading at 59.3230.
The hourly chart is on a buy signal, while the daily chart remains on a sell signal.
Silver futures are also on a buy signal on the hourly chart, while the daily chart is neutral.
Silver remains weaker than gold.
Although a short-term rebound is underway, the broader uptrend has not yet been fully confirmed.
For long positions, gold currently offers the cleaner technical setup.
WTI Crude Oil
WTI crude oil is trading at 87.35.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
WTI remains one of the strongest markets in the current structure.
The move into the $87 area confirms that the broader crude oil uptrend remains firmly intact.
However, prices are also trading at elevated levels after a sharp advance.
The upside bias remains dominant, but waiting for a pullback is preferable to entering after an extended move.
Natural Gas
Natural gas is trading at 2.914.
The 5-minute, 15-minute, and hourly charts are showing strong buy signals, while the daily chart remains on a strong sell signal.
The market is rebounding strongly in the short term, but the broader trend remains weak.
Short-term long positions may be considered, although the daily chart continues to favor caution toward renewed selling on rallies.
Bitcoin
BTC/USD is trading at $65,960.
The daily chart remains on a strong buy signal, while the 5-minute chart is showing a strong sell signal and the hourly chart is neutral.
The broader structure remains bullish, but short-term profit-taking is weighing on the market.
For traders looking to buy, it would be preferable to wait for the short-term selling pressure to ease and for a clearer pullback setup to emerge.
â– Equity Markets
U.S. Equities
The Dow Jones is trading at 52,224.64.
The 5-minute chart is showing a strong buy signal, the 15-minute chart is on a sell signal, and both the hourly and daily charts are neutral.
The market lacks a clear directional bias, and the Dow is not showing convincing strength relative to other major indices.
The S&P 500 is trading at 7,509.20.
The 15-minute and hourly charts are showing strong buy signals, while the daily chart remains neutral.
The short- and medium-term structure is bullish, but the daily chart has not yet confirmed a full resumption of the broader uptrend.
The Nasdaq 100 is trading at 29,155.18.
The hourly chart is showing a strong buy signal, while the daily chart remains neutral.
The index has improved from its previous weakness, but further confirmation is needed before it can be treated as being in a fully established bullish trend.
European Equities
The DAX is showing a strong buy signal on the hourly chart and a buy signal on the daily chart.
Some short-term selling pressure remains, but the medium-term structure continues to favor buyers.
The UK 100 is trading at 10,723.70.
It is showing strong buy signals across all timeframes.
The UK 100 is currently the strongest major equity index.
The CAC 40 is also showing strong buy signals across all timeframes.
European equities remain particularly strong, led by the UK 100 and CAC 40.
Japanese Equities
The Nikkei 225 is trading at 66,115.60.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong sell signals.
It is currently the weakest major equity index.
While several global equity markets remain firm, the Nikkei continues to trade in a clear downtrend.
â– Strength Ranking
S Tier
WTI Crude Oil
UK 100
CAC 40
EUR/JPY
CAD/JPY
Gold
A Tier
USD/JPY
EUR/CHF
AUD/JPY
CHF/JPY
S&P 500 on the hourly chart
Nasdaq 100 on the hourly chart
B Tier
Bitcoin on the daily chart
Natural gas on short-term charts
DAX on the hourly chart
EUR/USD on short-term charts
AUD/USD on the daily chart
NZD/USD on the daily chart
â– Weakness Ranking
S Tier
Nikkei 225
GBP/USD
GBP/JPY on short-term charts
NZD/JPY on the hourly chart
AUD/NZD on the daily chart
A Tier
EUR/USD on the daily chart
USD/CHF on short-term charts
Overheating risk in commodities other than crude oil
Bitcoin on short-term charts
Dow Jones with limited directional clarity
B Tier
Silver on the daily chart
Natural gas on the daily chart
AUD/USD on the hourly chart
NZD/USD on the hourly chart
EUR/GBP on the daily chart
â– Market Theme
The main market themes are rising crude oil prices, stronger gold, continued yen weakness, and gains in European equities.
WTI crude oil has advanced into the $87 area and remains on strong buy signals across all timeframes, making it one of the clearest sources of strength in the market.
Gold has also improved significantly, with strong buy signals from the short-term charts through the hourly timeframe and a buy signal on the daily chart.
In FX, USD/JPY has moved above 163, confirming that the yen-weakening trend remains intact.
EUR/JPY and CAD/JPY are also showing strong buy signals across all timeframes, while yen crosses remain resilient on the daily charts.
GBP/USD, however, remains weak across all major timeframes, confirming that sterling is undergoing a broader correction.
GBP/JPY is still bullish on the daily chart but is facing strong short-term selling pressure.
In equities, the UK 100 and CAC 40 remain particularly strong, while the Nikkei 225 is showing strong sell signals across all timeframes.
The regional divergence between European and Japanese equities remains pronounced.
â– Trading Strategy
Buying Bias
WTI Crude Oil
UK 100
CAC 40
EUR/JPY
CAD/JPY
Gold
Buy-on-Dip Candidates
USD/JPY
EUR/CHF
AUD/JPY
CHF/JPY
S&P 500 on the hourly chart
Nasdaq 100 on the hourly chart
Bitcoin on the daily chart
Sell-on-Rally Candidates
Nikkei 225
GBP/USD
GBP/JPY on short-term charts
NZD/JPY on the hourly chart
AUD/NZD on the daily chart
EUR/USD on the daily chart
Markets Requiring Caution
USD/JPY has moved above 163 and remains on strong buy signals through the daily timeframe.
However, intervention concerns are likely to intensify at current levels.
Even with the upside bias intact, traders should remain alert to the risk of a sudden decline.
WTI crude oil remains extremely strong, but the market has already risen into the $87 area and is showing signs of short-term overheating.
Waiting for a pullback is preferable to entering after a sharp rise.
Gold has returned to a bullish technical structure, but the recent rebound has been substantial.
Short-term profit-taking remains a risk.
Bitcoin remains on a strong daily buy signal, but the short-term charts are still weak.
For long positions, it is safer to wait until the correction stabilizes.
The Nikkei 225 is showing strong sell signals across all timeframes.
At present, selling rallies remains preferable to buying the index.
â– Summary
The current market is being driven by rising crude oil prices, stronger gold, continued yen weakness, and gains in European equities.
The strongest markets are:
WTI Crude Oil
UK 100
CAC 40
EUR/JPY
CAD/JPY
Gold
The weakest markets are:
Nikkei 225
GBP/USD
GBP/JPY on short-term charts
NZD/JPY on the hourly chart
AUD/NZD on the daily chart
Overall, the preferred strategy is to buy pullbacks in strong markets such as crude oil, gold, European equities, and yen crosses, while looking to sell rallies in weaker markets such as the Nikkei 225, short-term sterling pairs, and AUD/NZD.
