The USD/JPY has been able to maintain its recent bullish
signal. The bullish signal started on April 30, 2015, and the price has now
crossed above the demand level at 120.00. The supply levels at 120.50 and 130.00
can also be tested, but one thing must be borne in mind; the market might
tumble if Yen becomes strong.
EUR/USD: This
pair moved upwards strongly in the most part of last week. The pair moved
upward by at least 400 pips. While more bullish journey cannot be ruled out,
this would depend on the Euro sustaining its stamina, because any weakness in
the Euro may cause the market to tumble.
USD/CHF: As it
happened last week, the movement on USD/CHF would largely be determined by what
happens to the EUR/USD. As long as the latter is strong, the former would be
weak. The price is currently below the resistance line at 0.9350, going towards
the support line 0.9300 (which was tested last week and might be tested again).
GBP/USD: This
market moved upwards by 300 pips last week, and it later fell by 300 pips. This
means that all the bullish gain which was made last week has been forfeited.
Any movement below the accumulation territory at 1.5000 would result in a
bearish bias.
USD/JPY: The
USD/JPY has been able to maintain its recent bullish signal. The bullish signal
started on April 30, 2015, and the price has now crossed above the demand level
at 120.00. The supply levels at 120.50 and 130.00 can also be tested, but one
thing must be borne in mind; the market might tumble if Yen becomes strong.
EUR/JPY: On this
cross, there has been an upward movement of 580 pips last week, which is enough
to show that the bull has gotten lots of stamina. While the price still
threatens to go further north (owing to the great stamina in the Euro), the
trend my change any time in case the Euro becomes weak.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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