The USD/JPY closed at 112.35 on Friday, October 31, 2014.
The pair closed on a bullish note, having trended upwards by around 440 pips
last week. This is a very strong northward journey that could continue this
week. However, the possibility of some transitory pullbacks cannot be ruled
out.
EUR/USD: This is a bear market, which means the
direction of the price is southward and volatile. The support line at 1.2500
has been tested and it may be retested again. Should the price succeed in
breaking that support line to the downside, the next target would be the
support line at 1.2450.
USD/CHF: This
currency trading instrument has gone in the opposite direction to the EUR/USD –
as it normally does. The price climbed by 200 pips last week (that is, from the
support level at 0.9450), closing above the support level at 0.9600. The next
target to be breached to the upside is the resistance level at 0.9650. This
resistance level was tested last week, and it could also be tested this week.
GBP/USD: Since the GBP/USD is also normally correlated
in a positive mode, when compared to the EUR/USD, it is no wonder that the
price has gone seriously downwards. There is a lot of sideways movement and
market activity above the accumulation territory at 1.5950 and that
accumulation territory may be breached to the downside, especially when the
Greenback gains more strength.
USD/JPY: The
USD/JPY closed at 112.35 on Friday, October 31, 2014. The pair closed on a
bullish note, having trended upwards by around 440 pips last week. This is a
very strong northward journey that could continue this week. However, the
possibility of some transitory pullbacks cannot be ruled out.
EUR/JPY: Like all other JPY pairs, this cross also
trended upwards last week. The Euro is weak somewhere else, but this pair is
going upwards because the Yen is essentially weaker than the Euro. The price is
now above the demand zone at 140.50, and it may reach the supply zone at 141.50
this week.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Learn from the Generals of the
Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
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