The USD/JPY did not make
any significant directional movement last week. It just went up and down in a
shallow manner, though the bullish bias remains valid. This week, there is a
probability that the pair could continue moving upwards, owing to the expected
loss of stamina in the Yen.
EUR/USD: There was no
directional movement on the EUR/USD last week, as the market simply went up and
down in an unreliable manner, closing at 1.0645 on Friday. It is possible that
the price would continue south; and it is also possible that the price would
rise sharply. This week would witness the possibilities.
USD/CHF: This pair trudged
upwards slowly and gradually last week, testing the resistance level at 1.0200
without being able to go above it. For the bullish bias to continue to hold
out, the resistance level ought to be broken to the upside this week (while the
price stays above it).
GBP/USD: This currency trading instrument went upwards
by about 150 pips last week, going briefly above the distribution territory at
1.5300 before going below it. This created a bogus bullish signal as the bears
came in and pushed the price back to the level it was before the end of the
week. A movement below the accumulation territory at 1.5150 would reinforce the
existing bearish outlook, while a movement above the distribution territory at
1.5400 would mean a complete end to the existing bearish outlook.
USD/JPY: The USD/JPY did not
make any significant directional movement last week. It just went up and down
in a shallow manner, though the bullish bias remains valid. This week, there is
a probability that the pair could continue moving upwards, owing to the
expected loss of stamina in the Yen.
EUR/JPY: The EUR/JPY cross closed below the supply
level at 131.00, in solidarity with the ongoing bearish outlook in the market.
Although this cross would find it difficult to go upwards as long as the Euro
is very weak, unless the Yen shows more serious weakness versus the Euro. This
is also a possibility this week, because JPY pairs could still rally in
November.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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