The EUR/JPY moved sideways in the first few days of last week, and then
broke northwards, gaining about 280 pips. Price closed at 122.51 on Friday,
ready to go further northwards. This week, the outlook on JPY pairs is bullish
and EUR/JPY is expected to continue going upward, by at least, another 200
pips. Another factor that could help the cross is the stamina in the EUR
itself.
EUR/USD: From Monday to
Thursday, this currency trading instrument went gradually south. But further
southwards movement was halted as price shot upwards by 170 pips from the low
of last Thursday. This has resulted in a “buy” signal, and the next target for
price to reach is the resistance line at 1.0700. Then price would go towards
the resistance lines at 1.0750 and 1.0800. USD is supposed to be weak this week
– a factor that can help the EUR/USD to rally further.
USD/CHF: There is a weak
bullish bias on the USD/CHF. Price managed to trudge upwards last week,
reaching the resistance level at 1.0150, and battering it several times without
being able to breach it to the upside. Price was corrected lower on Friday, and
further correction is possible, which would enable price to reach the support
lines at 1.0050 and 1.0000. Another factor that can bring about this
expectation is the fact that USD may be weakened this week. Then, as long as
the EUR/USD is going upwards, USD/CHF may find it difficult to go upwards.
GBP/USD: This pair has gone
south by 130 pips this week; having gone south by 310 pips since February 27,
2017. It looks like the accumulation territory at 1.2150 has become strong
enough to prevent further southwards journey, after being battered
unsuccessfully by bears. The outlook on USD is weak for this week, and this
could be a factor that can cause some rally here.
USD/JPY: Just like the EUR/JPY, the USD/JPY also went
sideways last week, and then moved upwards. On Friday, price closed below the
supply level at 115.00. This week, price could go upwards, but this effort
could be scuttled by the expected weakness in USD. There are supply levels at
116.00, 115.50 and 115.00. There are also demand levels at 114.50, 114.00 and
113.50.
EUR/JPY: The EUR/JPY moved
sideways in the first few days of last week, and then broke northwards, gaining
about 280 pips. Price closed at 122.51 on Friday, ready to go further
northwards. This week, the outlook on JPY pairs is bullish and EUR/JPY is
expected to continue going upward, by at least, another 200 pips. Another
factor that could help the cross is the stamina in the EUR itself.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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