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The JPY pairs opened with gap-downs and later rebounded upwards. The outlook on the JPY pairs for this week is thus bullish.
EURUSD: The EURUSD is a bull market, with the possibility that the market would keep on going upwards (though not without bearish retracements). The price line at 1.3550, which has been tested constantly in the last few weeks, is under test again, and it may be breached to the upside.
USDCHF: The pair – which is also in a bearish mode – is now trading below the resistance level of 0.9050. As it has been suggested by the past forecasts, it is very much probable that the price would end up testing, at least, the support level at 0.9000. The level could end up being broken to the downside.
GBPUSD: There is still much optimism surrounding this market instrument, and it is reasonable to think that it would keep on going northwards, irrespective of southwards threats along the way. The price territory at 1.6250 is being challenged and would soon be overcome, as the price goes further upwards towards the distribution territory at 1.6300.
USDJPY: The JPY pairs opened with gap-downs and later rebounded upwards. The outlook on the JPY pairs for this week is thus bullish. The USDJPY gapped downwards at the open of the markets: later bouncing upwards from the demand level of 97.50. However, the bias is to the upside.
EURJPY: This cross , which gave a bearish signal following the gap-down that occurred at the beginning of this week, has encountered a scenario which makes it not sensible to go short until there is a clearer signal (whether in favor of the bears and the bulls).
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