The EUR/JPY went generally bearish last week. Price lost about roughly
200 pips and then bounced upwards on Friday. The upwards bounce has given
another good opportunity to sell short at a better price. The demand zones at
128.00, 127.50 and 127.00 may be tested this week. The demand zone at 128.00
was tested last week.
EUR/USD: In the short-term,
this currency trading instrument has become neutral, for consolidating in the
last few weeks. The neutrality is supposed to be ended this week or next week,
as price either goes above the resistance line at 1.1850 (creating a Bullish
Confirmation Pattern) or goes below the support line at 1.1650 (creating a
Bearish Confirmation Pattern). As long as price stays between the
aforementioned support and resistance lines, the neutrality in the market would
continue.
USD/CHF: This pair did not move in a directional
mode last week, though a short-term bearish signal has been generated in the
market. The bearish signal would become stronger once the support levels at
0.9600 and 0.9550 and breached to the downside. There could also be a bullish
movement, which may render the short-term bearishness invalid, for USD is
supposed to go upwards this week, while CHF becomes weak.
GBP/USD: The Cable went downwards smoothly last
week, testing the accumulation territory at 1.2850 several times, but not able
to break it to the downside. The outlook on GBP pairs is bearish for this week,
and the accumulation territory that has been tested several times would
eventually be breached to the downside, as price targets other accumulation
territories at 1.2800, 1.2750 and 1.2700.
USD/JPY: The movement on the USD/JPY last week
was quite similar to the movement on the EUR/JPY. Price made some bullish
attempt in the first few days of the week, and then fell downwards, starting
from August 16, closing below the supply level at 109.50 (after testing the
demand level at 109.00). Further bearish movement is expected this week, and
thus the demand levels at 109.00, 108.50 and 108.00 could be tested.
EUR/JPY: The EUR/JPY went generally bearish last
week. Price lost about roughly 200 pips and then bounced upwards on Friday. The
upwards bounce has given another good opportunity to sell short at a better
price. The demand zones at 128.00, 127.50 and 127.00 may be tested this week.
The demand zone at 128.00 was tested last week.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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