The ultimate target for USD/JPY
is at the supply level of 119.00, and price is now close to that target. With
further strength in the market, the supply level can be breached to the upside
as the bulls continue to push price up. In that case, the next target could be
the supply level at 119.50.
EUR/USD: The bias on the EURUSD remains bearish in spite of the
bull effort to push price upwards. Rallies into the resistance lines at 1.2500
and 1.2600 should be seen as short-selling opportunities (for price may go
further downwards from there). It is only a break above the resistance line at
1.2600 that can render the bearish bias invalid.
USD/CHF: The bias on this pair remains bullish in spite of the
bearish attempt on it. Pullbacks into the support levels at 0.9600 and 0.9550
should be seen as good offers to buy long, unless price breaks the support
level at 0.9550 to the downside. In that case, the bias could turn bearish.
GBP/USD: The Cable is weak,
even weaker than EURUSD. Therefore long trades are not currently recommended
unless price breaks the distribution territory at 1.5800 to the upside. In the
near-term, price may touch the accumulation territories at 1.5600 and 1.5550.
USD/JPY: The ultimate target for USD/JPY is at the supply level of
119.00, and price is now close to that target. With further strength in the
market, the supply level can be breached to the upside as the bulls continue to
push price up. In that case, the next target could be the supply level at
119.50.
EUR/JPY: This cross moved
upwards at the beginning of last week and then moved sideways; before breaking
further upwards on Friday. As expected, momentum has returned to this market
and it has resumed its upwards journey. This has happened following the
short-term base that was built by the sideways movement that occurred last
week. The ultimate target is at the supply zone of 149.00 – which would be reached
only with significant strength in the market.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Learn
from the Generals of the Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
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