The USD/JPY dropped massively last week, shedding 220 pips and
testing the demand level at 111.00, with the intent to breach it to the
downside. There is a huge Bearish Confirmation Pattern in the 4-hour chart, and
further bearish movement is anticipated in the market. The next targets are the
demand levels at 110.50, 110.00 and 109.50.
EUR/USD: This pair consolidated from
Monday to Wednesday, and then rose massively on Thursday and Friday. The
resistance line at 1.2200 has been tested, and it could be breached to the
upside (as price aims to gain another 150 pips this week). The outlook on EUR pairs
remains outlook for this week.
USD/CHF: The USD/CHF made some weak bullish
effort from January 8 to 10, almost reaching the resistance level at 0.9850.
However, further bullish attempt was rejected as a bearish movement was
assumed, which ended up generating a bearish signal in the market. From the
high of last week, price dropped by 170 pips, closing below the resistance
level at 0.9700 on Friday.
GBP/USD: There
has been a serious bullish breakout on the Cable, which has ended the
neutrality of several weeks (save the bullish attempt that was seen in the last
week of December 2017). Price gained 250 pips, to close above the accumulation
territory at 1.3750. Other targets to be reached are the distribution
territories at 1.3750 and 1.3800.
USD/JPY: The USD/JPY dropped massively last
week, shedding 220 pips and testing the demand level at 111.00, with the intent
to breach it to the downside. There is a huge Bearish Confirmation Pattern in
the 4-hour chart, and further bearish movement is anticipated in the market.
The next targets are the demand levels at 110.50, 110.00 and 109.50.
EUR/JPY: The
EUR/JPY cross went bearish on Monday, Tuesday and Wednesday, and then bounced
upwards on Thursday and Friday (January 11 and 12). A movement of 100 pips to
the upside would bring about a “buy” signal, while a movement of 150 pips to
the downside would bring help restore and strengthen the recent bearish effort,
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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