The EUR/JPY is bullish. Price went upwards last week, to test the supply
zone at 131.50, before it got corrected by 70 pips, to close below the supply
zone at 131.00 on Friday. The movement of the market this week would be
determined by whatever happens to Yen. Continuous weakness in Yen would enable
price to reach the supply zones at 131.00, 131.50 and 132.00. Should Yen show a
measure of stamina, the EUR.JPY would go downwards by around 200 pips.
EUR/USD: This pair is bullish
in the long-term, but bearish in the short-term. Although price made some
bullish effort last week, rising upwards to test the resistance line at 1.2050
(before about 200-pip correction), we could see further bearish movement this
week. Some bullish effort is also possible, but it would be contained at the
resistance line at 1.2050.
USD/CHF: This currency trading instrument has
been consolidating for about 5 weeks – hence a neutral outlook on the market.
There is going to be a rise in momentum this week, which would result in a
Bullish Confirmation Pattern (when price gains about 150 pips), or it would
result in a Bearish Confirmation Pattern (when price loses about 150 pips).
GBP/USD: The GBP/USD is bearish, although price
merely consolidated throughout last week. A closer look at the market reveals a
possibility of a bullish movement that may enable price to test the
distribution territories at 1.3000 and 1.3050. Alternatively, price could go
further downwards from here, leading to more emphasis on the recent bearish
outlook.
USD/JPY: This market is neutral (in spite of what
happened last week), having consolidated for about a few weeks. A directional
movement would happen this week, after price goes below the demand level at
108.50 or it goes above the supply level at 111.00. That is the expectation for
this week.
EUR/JPY: The EUR/JPY is bullish. Price went
upwards last week, to test the supply zone at 131.50, before it got corrected
by 70 pips, to close below the supply zone at 131.00 on Friday. The movement of
the market this week would be determined by whatever happens to Yen. Continuous
weakness in Yen would enable price to reach the supply zones at 131.00, 131.50
and 132.00. Should Yen show a measure of stamina, the EUR.JPY would go
downwards by around 200 pips.
Performed by Azeez Mustapha,
Analytical expert
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