Most JPY pairs seem overbought
and it looks like there could be some reversals soon. Yes, there could be
reversals this week, but the markets may still go further upwards, especially
if there are certain bulls who are interested in going long at the current
prices.
EURUSD: This is a bull market – slow and steady in nature. The
tardy movement brought the price to the resistance line of 1.3600, before the
price closed at 1.3590 on Friday. The current reversal in the market is weak
and it is not supposed to take the price below the support line of 1.3500,
before the market resumes its upwards journey from there.
USDCHF: This is a bear market – slow and steady in nature. The
tardy movement brought the price to the support line of 0.9050, before the
price closed at 0.9075 on Friday. The current reversal in the market is weak
and it is not supposed to take the price above the support line of 0.9100,
before the market resumes its downwards journey from there.
GBPUSD: The Cable should continue going upwards this week, reaching
the distribution territory of 1.6400. There is a Bullish Confirmation Pattern
on the chart which supports this outlook.
USDJPY: Most JPY pairs seem overbought and it looks like there
could be some reversals soon. Yes, there could be reversals this week, but the
markets may still go further upwards, especially if there are certain bulls who
are interested in going long at the current prices. Thus, in spite of the
possible reversal along the way, the USDJPY may reach the supply level of
103.00 this week.
EURJPY: This market has been trending upwards by more than 750 pips
(since the bullish signal was generated earlier this week). There were
reversals along the way, and the probable reversals that are coming should not be
a surprise. It is possible for the price to test the supply zone of 140.00
soon, and possibly breach it to the upside.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Eye-opening trading lessons: Lessons from Expert Traders
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