The EUR/JPY cross, which
is now one of the strongest trending among the majors, moved upwards by 400
pips last week. The price is now close to the supply zone at 137.00, and it is
possible that the supply zone would be breached easily when the market opens.
The next targets for this week are located at the supply zones of 138.00 and
138.50.
EUR/USD: As it was anticipated, this pair broke upwards
after a few days of consolidation. The price is now close to the resistance
line at 1.1350 – which would be easily overcome in the face of the current
buying pressure in the market. Other EUR pairs could also gain some strength
this week.
USD/CHF: This
currency trading instrument, though choppy, consolidated largely last week. The
price tested the resistance level at 0.9800 several times but it could not
break it to the upside. The price is currently threatening to break downwards,
but this would not really happen until the price goes below the support level
at 0.9600. A strong EUR/USD, coupled with a strong CHF, could scuttle all the
effort of the bulls on the USD/CHF.
GBP/USD: The Cable made some commendable effort to go
upwards last week. The price moved upwards 250 pips, closing at 1.5427. With
further bullish attempts, the distribution territories at 1.5500 and 1.5550
would be attained this week. After all, there is a Bullish Confirmation Pattern
in the market.
USD/JPY: This pair moved largely sideways last week,
though there was a slight movement to the upside before things went flat. There
is supposed to be a breakout in any day this week, which would make the price
go above the supply level at 122.00 or below the demand level at 120.00. By
then, there would have been a directional movement in the market.
EUR/JPY: The EUR/JPY cross,
which is now one of the strongest trending among the majors, moved upwards by
400 pips last week. The price is now close to the supply zone at 137.00, and it
is possible that the supply zone would be breached easily when the market opens.
The next targets for this week are located at the supply zones of 138.00 and
138.50.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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