Daily analysis of major pairs for November 16, 2015

Last week, the EUR/JPY cross merely moved in a choppy, sideways manner. The price zigzagged between the demand zone at 131.50 and the supply zone at 133.00. This week, the EUR/JPY might find it difficult to rally significantly, especially as long as the EUR is weak.             

EUR/USD:  There was no serious upwards or downwards movements on the EUR/USD pair in the entire last week. For the year 2015, last week saw the tightest sideways movements on most majors, each of which did not move upwards or downwards by 50 pips in certain cases. Although the equilibrium movement could continue, there would soon be a rise in the market momentum. 

USD/CHF: This pair simply moved sideways throughout last week, shrugging of all the fundamental data that could impact it. Last week, most major pairs shrugged off most of the fundamental figures that were supposed to affect them (except the employment figures coming out of Australia, which affected AUD pairs). The current consolidation movement could continue until there is a breakout, which would most probably be in favor of the current bullish bias.

GBP/USD: After testing the accumulation territory at 1.5050, the price gradually bounced upwards by 200 pips, reaching the distribution territory at 1.5250. As long as the distribution territory at 1.5350 is not broken to the upside, the recent bearish bias would not be violated. It is probable that the bearish journey would be resumed in earnest.

USD/JPY: In the context of an uptrend, this pair simply consolidated to the downside. The price tested the supply level at 123.50 and got corrected lower, testing the demand level at 122.50. It is possible that the pair would still go further upwards; possibly breaking the supply level at 123.50 to the upside (for it is possible for JPY pairs to assume a bullish journey before the end of this month).

EUR/JPY: Last week, the EUR/JPY cross merely moved in a choppy, sideways manner. The price zigzagged between the demand zone at 131.50 and the supply zone at 133.00. This week, the EUR/JPY might find it difficult to rally significantly, especially as long as the EUR is weak.            

Performed by Azeez Mustapha,

Analytical expert

www.instaforex.com    

InstaForex Companies Group

What Super Traders Don’t Want You To Know: http://www.advfnbooks.com/books/supertraders/index.html