The EUR/JPY dropped 110 last week, testing the demand zone at 117.50 many
times without being able to breach it to the downside. Price has dropped about
500 pips since March 13, 2017 and further downwards movement is anticipated
this week. One factor aiding the bearishness in the market is the weakness in
EUR itself. The targets for this week are thus located at the demand zones at
117.00, 116.50 and 116.00.
EUR/USD: The EUR/USD consolidated
from Monday till Friday and then trended southwards on Friday. The outlook on
the market (as well as other EUR pairs) is bearish. Further bearish movement is
expected as price goes towards the support lines at 1.0550 and 1.0500.
USD/CHF: This pair went
sideways in the first few days of last week and then trudged upwards gradually
in the last few days of the week. Price has moved close to the resistance level
at 1.0100. Once that resistance level at 1.0100 is breached to the upside,
price would go towards another resistance levels at 1.0150 and 1.0200. The
demand levels at 1.0050 and 1.0000 would try to hinder any pullbacks along the
way. As long as the EUR/USD is strong, the USD/CHF would be weak.
GBP/USD: This currency trading instrument
moved sideways last week. Price has moved between the distribution territory at
1.2550 and the accumulation territory at 1.2350. A movement above the
distribution territory at 1.2550 is more likely than a movement below the
accumulation territory at 1.2350. The outlook on this currency instrument, as
well as other GBP pairs, is bullish for this month. So when there is a breakout
in the market, it would most probably be in favor of bulls.
USD/JPY: Last week, this
currency trading instrument consolidated between the supply level at 111.50 and
the demand level at 111.00. A break above the supply level or below the demand
level is anticipated this week. However, the most probable direction is towards
the demand level at 110.00, and after it is breached to the downside, price
would move further downwards. It should be borne in mind that the outlook on
JPY pairs is bearish for this week and this month.
EUR/JPY: The EUR/JPY dropped
110 last week, testing the demand zone at 117.50 many times without being able to
breach it to the downside. Price has dropped about 500 pips since March 13,
2017 and further downwards movement is anticipated this week. One factor aiding
the bearishness in the market is the weakness in EUR itself. The targets for
this week are thus located at the demand zones at 117.00, 116.50 and 116.00.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
QUANTUM BINARY SIGNALS
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