The USD/JPY is already
in a bullish mode, as forecasted last week. Price consolidated on Friday and
closed above the demand level at 106.50. The next target for bulls are located
at the supply levels of 107.00, 107.50 and 108.00. The outlook for most JPY pairs
is bullish for this week, and therefore, further bullish journey is
anticipated.
EUR/USD: The
EUR/USD began trending downwards on November 7, but this was seriously
interrupted on Wednesday. However,
the bearish journey resumed that day, and the market went down by 240 pips
overall. The support line at 1.0850 is being besieged, and it might be breached
to the downside. On the other hand, there are chances that the EUR/USD would
rally this week, especially when the USD/CHF pulls back significantly.
USD/CHF: This pair traded
sideways on Monday and Tuesday, pulled back significantly on Wednesday and
rallied massively the same day. Price was able to close above the support level
at 0.9850, going towards the resistance levels at 0.9900 and 1.0000. The
resistance level at 1.0000 is a great psychological level – it would be
difficult to breach it to the upside.
GBP/USD: This market
consolidated from Monday till Thursday and trended higher on Friday. The bias
remains bullish in the short-term and bearish in the long-term. The outlook on
the GBP/USD (and some GBP pairs) is bullish for this week. Further movement of
about 500 pips to the upside would also result in a bullish signal in the daily
chart.
USD/JPY: The USD/JPY is already
in a bullish mode, as forecasted last week. Price consolidated on Friday and
closed above the demand level at 106.50. The next target for bulls are located
at the supply levels of 107.00, 107.50 and 108.00. The outlook for most JPY
pairs is bullish for this week, and therefore, further bullish journey is
anticipated.
EUR/JPY: Unlike
the USD/JPY, this currency trading instrument did not move upwards
significantly last week. The market environment is quite choppy, and the possibility
of a bullish movement this week would depend on the condition surrounding the
Euro. In case price goes upwards, the supply zones at 116.00, 116.50, and
117.00 could be targeted.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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