The EUR/JPY moved
sideways throughout last week, not going below the demand zone at 125.00, nor
going above the supply zone at 126.50. A breakout is imminent this week, which
would most probably favor the bulls, because the outlook on JPY pairs is bright
for the week. When there is a rally, the supply levels at 126.50, 127.00 and
127.50 would be attained.
EUR/USD: This
pair has been bearish so far since last week. A movement below the support line
at 1.1050 would easily render the recent bullish outlook invalid. It is
expected that the EUR/USD would trend further south this week, so are most
other EUR pairs.
USD/CHF: What is happening on
this currency trading instrument is best called a rally in the context of a
downtrend. But the rally could continue this week, owing to the expected loss
of stamina on the EUR/USD and the fact that CHF could become weak this week
(please watch CHF pairs). A movement above the resistance level at 0.9850 would
result in an undisputed bullish outlook.
GBP/USD: This
currency trading instrument plunged by 400 pips last week, almost testing the
accumulation territory at 1.4050. There is a Bearish Confirmation Pattern in
the chart and the EMA 11 is below the EMA 56. The RSI period 14 is below the
level 50. All this is a bearish indicator and the price would move further
downwards this week, reaching the accumulation territories at 1.4050 and
1.4000. The outlook on GBP pairs is bleak for the week.
USD/JPY: The perpetual bullish
effort on the USD/JPY has already resulted in a “buy” signal. The price action
in the chart subtly reveals some bullish propensity, although the market
currently looks choppy. It is expected that the price would target the supply
levels at 113.00 and 113.50 this week. It might even go beyond these targets.
EUR/JPY: The EUR/JPY moved
sideways throughout last week, not going below the demand zone at 125.00, nor
going above the supply zone at 126.50. A breakout is imminent this week, which
would most probably favor the bulls, because the outlook on JPY pairs is bright
for the week. When there is a rally, the supply levels at 126.50, 127.00 and
127.50 would be attained.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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