There is a bullish signal on the EUR/JPY. Last week, price moved upwards
by 210 pips, from the low of January 23. Price has closed above the demand zone
at 123.00, and it may now target the supply zones at 123.50, 124.00 and 124.50.
EUR/USD: The EUR/USD is in a
bullish mode, but price merely consolidated throughout last week, not being
able to stay above the resistance line at 1.0750. For the current bullish
outlook to continue to make sense, price would need to go above the resistance
line at 1.0750, and also reach another resistance line at 1.0800; otherwise a
serious pullback may be experienced.
USD/CHF: The USD/CHF only
went flat throughout last week, in the context of a downtrend. The market has,
interestingly oscillated around the psychological level at 1.0000. Should the
market stay around that level for the next several trading days, the bias on
the market would turn neutral. For a directional bias to form, the market would
need to move further away from that level. A strong movement to the south would
emphasize the recent weakness in the market, while a strong movement to the
north would result in a new bullish outlook.
GBP/USD: Since the beginning
of last week, the GBP/USD has moved upwards by 660 pips. The market topped at
the distribution territory at 1.2650, and then retraced a bit. The retracement
continued until the market closed on Friday. The bias is still bullish and as
long as price does not go below the accumulation territory at 1.2300, the
bullish outlook would be valid.
USD/JPY: This currency
trading instrument went downwards on Monday, and then began to trend upwards
from Tuesday (till the end of the week). This has made price action to generate
a “buy” signal in the short-term, which may continue to be valid as price goes
further north. This is something that can lead to a Bullish Confirmation
Pattern in the market.
EUR/JPY: There is a
bullish signal on the EUR/JPY. Last week, price moved upwards by 210 pips, from
the low of January 23. Price has closed above the demand zone at 123.00, and it
may now target the supply zones at 123.50, 124.00 and 124.50.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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