The EUR/JPY experienced a nice bullish run last week, moving
upwards from the demand zone at 133.50 and going far above the demand zone at
136.00. This movement of roughly 300 pips has resulted in a clear Bullish
Confirmation Pattern in the chart, and this is a situation that could continue
this week, for the outlook is already bullish.
EUR/USD: The
dominant bias here remains bearish, irrespective of a formidable rally in the
context of the downtrend, which occurred last week. This price action would be
taken as a short-selling opportunity unless the resistance line at 1.1100 is
overcome.
USD/CHF: This
market first went upwards last week, but the gains made by the bulls were
forfeited because of the perceived stamina in the CHF. Should the CHF continue
its strength, the bearish correction may continue, which may eventually
invalidate the current bullish bias.
GBP/USD: The
Cable dropped by 200 pips last week, closing below the distribution territory
at 1.5300. It is not logical to go long in this market unless the distribution
territories at 1.5500 and 1.5550 are overcome to the upside – something that
would require a very strong rally.
USD/JPY: This
pair is also bullish and the price may continue its upwards journey as long as
the JPY is weak. The price moved upwards by 250 pips last week, closing above
the demand level at 124.00. Although the pair consolidated around the end of
the last week, there should probably be a breakout to the upside, enabling the
price to reach supply levels at 124.50 and 125.00 this week. The outlook on
most JPY pairs for this month is bullish.
EUR/JPY: The
EUR/JPY experienced a nice bullish run last week, moving upwards from the
demand zone at 133.50 and going far above the demand zone at 136.00. This
movement of roughly 300 pips has resulted in a clear Bullish Confirmation
Pattern in the chart, and this is a situation that could continue this week,
for the outlook is already bullish.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
What Super Traders Don’t Want You
To Know: http://www.advfnbooks.com/books/supertraders/index.html
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