The USD/JPY moved upward by 200 pips last week. The upwards
journey started at the demand level of 119.50 and it has gone beyond the demand
level at 121.50. This bullish journey has put an end to the recent protracted
equilibrium phase in the market: the price would continue its journey upwards
as long as the USD is strong.
EUR/USD: A drop
of over 420 pips last week has established the weakness on the EUR/USD. There
is now a Bearish Confirmation Pattern in the market: the price would go further
downwards this week, testing the support lines at 1.0950 and 1.0900. More
intense bearish pressure could even take the price beyond these support lines.
USD/CHF: This
pair has turned bullish. The price trended upwards from the support level at
0.9150, testing the resistance level at 0.9450. That is a movement of 300 pips,
and further northward journey is possible. The only challenge to this
expectation is a possible stamina in the CHF.
GBP/USD: On the
Cable, the last week was characterized by serious battle between the bulls and
the bears, but at the end of the week, the bears gained upper hands. However,
the recent bullish bias would be violated only when the accumulation territory
at 1.5400 is breached to the downside. The bullish bias is seriously threatened
– it would be invalid only after the aforementioned accumulation territory is
violated.
USD/JPY: The
USD/JPY moved upward by 200 pips last week. The upwards journey started at the
demand level of 119.50 and it has gone beyond the demand level at 121.50. This
bullish journey has put an end to the recent protracted equilibrium phase in
the market: the price would continue its journey upwards as long as the USD is
strong.
EUR/JPY: The fate
of this cross would continue to be determined largely by whatever happens to
the Euro. The current weakness in the market is caused by the weakness in the
Euro itself, and things have already turned bearish - a trend that could be
sustained this week.
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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