Last week, the EUR/JPY
rose from the demand zone at 130.00, testing the supply zone at 134.50. This
was a movement of 450 pips, which was an exponential movement brought about by
the great stamina in the EUR. The price is currently consolidating, but we
might witness further bullish breakout in the market, since the outlook on the
JPY pairs is bright for the month of December.
EUR/USD: There is a now a
Bullish Confirmation Pattern in the market, which has overturned the recent
bearish bias abruptly. This market should trend further upwards this week;
otherwise what happened last week would turn out to be a false breakout. More
fundamental figures are expected this week and they could have impact on the
markets.
USD/CHF: This pair dropped by
400 pips last week, turning bearish abruptly. There is now a clean Bearish
Confirmation Pattern in the chart, because the price has already gone below the
great psychological resistance level at 1.0000. It might require some
difficulty for the price of the USD/CHF to go above the great resistance level
again, owing to its negative correlation to the EUR/USD and the fact that the
CHF itself might rally in the middle of December.
GBP/USD: The GBP/USD rose from the accumulation
territory at 1.4900, to test the distribution territory at 1.5150 (a movement
of 250 pips). However, there is a need for the price to move further upwards by
150 pips before the extant bearish outlook can be rendered invalid. Really, the
outlook on GBP pairs remains gloomy.
USD/JPY: Despite strong
movements of major pairs last week, this currency trading instrument merely
moved sideways. There were short-term upswings and downswings in the market,
which made the market condition great for scalpers and intraday traders. The
bias is neutral – and it may continue as such until there is a movement of at
least 200 pips upwards or downwards.
EUR/JPY: Last week, the EUR/JPY rose from the demand
zone at 130.00, testing the supply zone at 134.50. This was a movement of 450
pips, which was an exponential movement brought about by the great stamina in
the EUR. The price is currently consolidating, but we might witness further
bullish breakout in the market, since the outlook on the JPY pairs is bright
for the month of December.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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