Copper price failed in breaching the barrier at $6.5100, forcing it to delay the bullish trend and providing a clear negative rebound, to settle near $6.2500, the current decline will not affect the chances of renewing the bullish trend, depending on the stability of the extra support at $6.1000, to wait for gathering positive momentum and begin forming bullish waves, to repeat the pressure on the mentioned barrier.
While the decline below the additional support and providing negative close will increase the strength of the bearish corrective track, to expect suffering several losses by reaching $5.9200 and $5.8100.
The expected trading range for today is between $6.1500 and $6.5000
Trend forecast: Fluctuated within the bullish trend
The EUR/JPY consolidates around 186.00, edges down by 0.06% amid a souring of risk appetite amid the escalation of the US-Iran war, and strengthens safe-haven assets like the Japanese Yen.
EUR/JPY Price Forecast: Technical outlook
The EUR/JPY trades sideways after reaching the year-to-date (YTD) high of 187.95. The cross-pair dipped toward the 183.00 area following the Bank of Japan’s (BoJ) last intervention, and since then buyers have reclaimed key resistance levels to reach the 186.00 mark.
At the time of writing, the EUR/JPY remains capped within the 186.00-187.00 range, amid fears that Japanese authorities could intervene in the foreign exchange markets. But bulls seem to be gaining momentum as indicated by the Relative Strength Index (RSI) in bullish territory.
Buyers need to clear 187.00 to challenge the YTD high at 187.95. Once those levels are taken out, the next resistance would be the 189.00 mark ahead of the 190.00 psychological level.
On the other hand, if sellers push the EUR/JPY below the July 20 low of 185.35, it exacerbates a move toward the 50-day Simple Moving Average (SMA) at 185.20, followed by the 100-day SMA at 185.05. Still lower lies the 200-day SMA at 183.29.
EUR/JPY daily price chart
EUR/JPY daily chart
Japanese Yen Price Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Swiss Franc.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
0.02%
-0.04%
0.00%
0.07%
-0.17%
-0.25%
0.19%
EUR
-0.02%
-0.08%
-0.06%
0.00%
-0.25%
-0.34%
0.12%
GBP
0.04%
0.08%
0.04%
0.11%
-0.16%
-0.22%
0.22%
JPY
0.00%
0.06%
-0.04%
0.08%
-0.19%
-0.27%
0.17%
CAD
-0.07%
-0.01%
-0.11%
-0.08%
-0.27%
-0.35%
0.10%
AUD
0.17%
0.25%
0.16%
0.19%
0.27%
-0.07%
0.35%
NZD
0.25%
0.34%
0.22%
0.27%
0.35%
0.07%
0.43%
CHF
-0.19%
-0.12%
-0.22%
-0.17%
-0.10%
-0.35%
-0.43%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
At 5:35 a.m. Eastern Time today, oil was priced at $97.04 per barrel with Brent serving as the benchmark (we’ll explain different benchmarks later in this article). That’s a drop of $1.45 compared with yesterday morning and around $27.50 higher than the price one year ago.
Oil price per barrel
% Change
Price of oil yesterday
$98.49
-1.47%
Price of oil 1 month ago
$77.50
+25.21%
Price of oil 1 year ago
$69.51
+39.60%
Price of oil yesterday
Oil price per barrel
$98.49
% Change
-1.47%
Price of oil 1 month ago
Oil price per barrel
$77.50
% Change
+25.21%
Price of oil 1 year ago
Oil price per barrel
$69.51
% Change
+39.60%
Will oil prices go up?
It’s impossible to forecast oil prices with detailed precision. Many different elements affect the market, but ultimately it boils down to supply and demand. When worries about economic recession, war, and other large-scale disruptions increase, oil’s path can shift fast.
How oil prices translate to gas pump prices
Gas prices at the pump don’t only track crude oil. They also include what it takes to refine and move that fuel, the taxes layered on top, and the extra markup your local station adds to stay in business.
Since crude oil generally makes up a majority of the per-gallon cost, changes in its price have an outsized impact. When oil surges, gas prices typically rise in tandem. But when oil retreats, gas prices often lag on the way down, a trend sometimes described as “rockets and feathers.”
The role of the U.S. Strategic Petroleum Reserve
In case of emergency, the U.S. has a store of crude oil known as the Strategic Petroleum Reserve. Its primary purpose is energy security in case of disaster (think sanctions, severe storm damage, even war). But it can also go a long way toward softening crippling price hikes during supply shocks.
It’s not a long-term answer and is more meant to provide temporary relief, assisting consumers and keeping critical parts of the economy running, like key industries, emergency services, public transportation, etc.
How oil and natural gas prices are linked
Both oil and natural gas are key sources of the energy we use every day. Because of this, a big change in oil prices can affect natural gas. For example, if oil prices increase, some industries may swap natural gas for some segments of their operations where possible, which increases demand for natural gas.
Historical performance of oil
To gauge oil’s performance, we often turn to two benchmarks:
Brent crude oil, the main global oil benchmark.
West Texas Intermediate (WTI), the main benchmark of North America
Between these two, Brent better represents global oil performance because it prices much of the world’s traded crude. And, it’s often the best way to track historical oil performance. In fact, even the U.S. Energy Information Administration now uses Brent as its primary reference in its Annual Energy Outlook.
Looking at the Brent benchmark across several decades, oil has been anything but steady. It’s seen spikes due to factors such as wars and supply cuts, and it’s also seen crashes from global recessions and an oversupply (called a “glut”). For example:
The early 1970s brought the first big oil shock when the Middle East cut exports and imposed an embargo on the U.S. and others during the Yom Kippur War.
Prices dropped in the mid-1980s for reasons such as lower demand and more non-OPEC oil producers entering the industry.
Prices spiked again in 2008 with increased global demand, but it soon plummeted alongside the global financial crisis.
During the 2020 COVID lockdown, oil demand collapsed like never before—bringing prices below $20 per barrel.
All to say, oil’s historical performance has been anything but smooth. Again, it’s hugely affected by wars, recessions, OPEC whims, evolving energy initiatives and policies, and much more.
Energy coverage from Fortune
Looking to stay up-to-date regarding the latest energy developments? Check out our recent coverage:
Frequently asked questions
How is the current price of oil per barrel actually determined?
The current price of oil per barrel depends largely on supply and demand, including news about potential future supply and demand (geopolitics, decisions made by OPEC+, etc.). In the U.S., prices also move based on how friendly an administration is to drilling, as it can affect future supply. For example, 2025 saw the Trump administration move to reopen more than 1.5 million acres in the Coastal Plain of the Arctic National Wildlife Refuge for oil and gas leasing, reversing the Biden administration’s policy of limiting oil drilling in the Arctic.
How often does the price of oil change during the day?
The price of oil updates constantly when the “futures” markets are open. A futures market is effectively an auction where people agree to buy or sell oil in the future. As long as people and companies are trading contracts, the oil price is changing.
How does U.S. shale oil production affect the current price of oil?
In short, shale is rock that contains oil and natural gas. Think of shale as energy yet to be tapped. The more shale the U.S. accesses, the more energy we’ll have—and the more easily oil prices can keep from spiking as much thanks to a greater supply.
How does the current price of oil impact inflation and the broader economy?
When oil is expensive, it tends to make everyday items cost more. This can be related to energy (your heating, gas utilities, etc.), but it’s also due to the logistics involved with making those items accessible to you. Shipping, for example, can affect the price of things at the grocery store, as it’s more expensive to get those products from warehouses and farms onto the shelf.
The pair’s price remains affected by conflicting signals from the main indicators, forcing it to trade sideways with repeated fluctuations below the 218.60 level, which currently represents a temporary barrier against further bullish momentum. As a result, the price has entered a new sideways range, settling near the 218.00 level.
We reiterate that the bullish scenario remains valid as long as the support level at 216.75 holds. Furthermore, the continued formation of 217.50 as additional support leads us to expect the price to gather positive momentum, enabling it to break above the barrier and then reach the next bullish targets, which may begin at 219.40 and 220.00.
The expected trading range for today is between 217.85 and 219.40
2026.07.24 2026.07.24 WTI Crude Oil: Elliott Wave Analysis and Forecast for 24.07.26–31.07.26
Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/
The article covers the following subjects:
Major Takeaways
Main scenario: Consider long positions from corrections above 79.67 with a target of 105.17–115.50. A buy signal: the price holds above 79.67. Stop Loss: below 78.00, Take Profit: 105.17–115.50.
Alternative scenario: Breakout and consolidation below 79.67 will allow the asset to continue declining to the levels of 67.00–58.50. A sell signal: the level of 79.67 is broken to the downside. Stop Loss: above 81.30, Take Profit: 67.00–58.50.
Main Scenario
Consider long positions from corrections above 79.67 with a target of 105.17–115.50.
Alternative Scenario
Breakout and consolidation below 79.67 will allow the asset to continue declining to the levels of 67.00–58.50.
Analysis
On the weekly chart, correction (2) of larger degree has formed, with wave C of (2) completed as its part. On the daily time frame, ascending wave (3) is likely developing. Within it, wave 1 of (3) of smaller degree and correction 2 of (3) have formed, and wave 3 of (3) has started unfolding. On the H4 chart, wave i of 3 continues to develop, with wave (iii) of i unfolding as its part. If the presumption is correct, WTI will continue to rise to 105.17–115.50. The level of 79.67 is critical in this scenario as a breakout below it will enable the asset to continue declining to the levels of 67.00–58.50.
This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.
Price chart of USCRUDE in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance broker. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2014/65/EU.
According to copyright law, this article is considered intellectual property, which includes a prohibition on copying and distributing it without consent.
The Pound US Dollar (GBP/USD) exchange rate fell on Thursday as the escalating US-Iran conflict soured the market mood.
At the time of writing, GBP/USD was trading at $1.3318, down 0.4% on the day.
The US Dollar (USD) strengthened on Thursday as rising tensions in the Middle East prompted investors to favour safe-haven assets.
Although markets had initially remained relatively resilient despite the escalating conflict, risk appetite weakened as the situation deteriorated, lifting demand for the ‘Greenback’.
As the US launched its 12th consecutive night of strikes on Iran, global oil prices reached $100 per barrel. Meanwhile, Yemen’s Houthi militia declared a blockade on Saudi Arabian ports, attacking Saudi oil tankers in the Red Sea and risking widening the conflict.
The Pound (GBP) faced modest pressure on Thursday as investors continued to reflect on Andy Burnham’s first week as Prime Minister.
Sterling had climbed in the run-up to Burnham entering Downing Street, with markets removing the political risk premium that had previously weighed on the currency.
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However, the Pound has slipped back this week as uncertainty remains over how the government’s planned tax cuts and increased spending commitments will be funded.
Near-Term GBP/USD Forecast: PMI Data to Drive End-of-Week Trade
Looking ahead, the UK’s June retail sales figures will be released at the start of Friday’s session. Forecasts point to a 0.3% decline in sales, which may leave the Pound on the defensive.
Focus will then shift to the UK’s latest PMI surveys, with the services reading expected to be the key release for Sterling. Evidence of improving business activity in July could provide the currency with fresh support.
Later in the day, attention will turn to the latest S&P Global PMIs from the US. While these surveys typically carry less weight than the ISM figures, an improvement in July’s activity could reinforce demand for the ‘Greenback’.
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Copper price failed in breaching the barrier at $6.5100, forcing it to delay the bullish trend and providing a clear negative rebound, to settle near $6.2500, the current decline will not affect the chances of renewing the bullish trend, depending on the stability of the extra support at $6.1000, to wait for gathering positive momentum and begin forming bullish waves, to repeat the pressure on the mentioned barrier.
While the decline below the additional support and providing negative close will increase the strength of the bearish corrective track, to expect suffering several losses by reaching $5.9200 and $5.8100.
The expected trading range for today is between $6.1500 and $6.5000
Trend forecast: Fluctuated within the bullish trend
The Japanese yen remained under intense pressure today, July 23, as traders rushed to the US dollar amid the rising tensions in the Middle East. The USD/JPY pair was trading at 163.07, a few pips below this week’s high of 163.2.
The Japanese yen has continued falling this month, even as the country’s central bank has launched several defensive measures.
The Bank of Japan has hiked interest rates to the highest level since 1995, and hinted that it may deliver more increases.
At the same time, the bank has spent more than $73 billion on foreign exchange market interventions. While these interventions typically trigger a stronger yen, the gains have historically been short-lived.
The Japanese yen has mostly dropped because of the significant gap that exists between the US and Japanese interest rates.
Japanese rates have jumped to 1%, while in the United States, the Fed has left them unchanged between 3.50% and 3.75%.
Economists and traders now expect the Fed to hike rates further this year as inflation concerns remain. Odds of a Fed hike have jumped to over 67% on Polymarket.
Higher interest rates in the United States have made the US dollar more attractive than the Japanese yen.
They have also fueled the popularity of the USD/JPY pair among carry traders, who borrow in low-interest-rate currencies to invest in higher-yielding ones.
The ongoing crisis in the Middle East has contributed to the ongoing Japanese yen sell-off because the country depends substantially on oil coming from the region. In a statement, an Iranian official said that the crisis would escalate. He said:
“If the Americans target a bridge or a power plant in Iran, Iran will, in turn, strike infrastructure and bridges in the region, including energy facilities where the United States has interests.”
Data shows that Brent and the West Texas Intermediate (WTI) continued rising overnight as the crisis continued.
Also, Houthis hit an oil tanker attempting to cross the Bab El-Mandab Strait. Brent jumped to $96, while the West Texas Intermediate (WTI) approached the key resistance at $90. These events have fueled the US dollar gains as investors rush to its safety.
USD/JPY chart | Source: TradingView
The daily chart shows that the USD/JPY pair has continued rising in the past few months. These gains have been supported by the 50-day Exponential Moving Average (EMA).
The pair has recently crossed the important resistance level of 162.82, its highest level on July 1. It also remains above the Supertrend indicator.
Therefore, the path of the least resistance for the pair is bullish, with the next key level to watch being at 164. A move above that price may see it hit the resistance at 165 over time.
