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The JPY pairs are strongly bullish, breaking new highs and supply zones. This outlook may continue this week, but there may be some fleeting bearish corrections along the way.
EURUSD: This pair has moved upwards by over 46 pips this week, in what could be called a slow and steady bullish journey. The Bullish Confirmation Pattern on the chart is a testimony that the bias may continue, though there may be pullbacks along the way. The price may reach the resistance line of 1.3800.
USDCHF: The USDCHF ought to continue its weakness as long as the EURUSD maintains its strength. This pair has moved upwards by over 25 pips this week, in what could be called a slow and steady bearish journey. The Bearish Confirmation Pattern on the chart is a testimony that the bias may continue, though there may be rallies along the way. The price may reach the support level of 0.8850.
GBPUSD: The Cable, which moved largely sideways last week, has now assumed a predictable upward movement. This is also confirmed by the indicators on the chart. The distribution territory at 1.6500 would soon be challenged as the price leaves current market territory of 1.6450, which has already been pummeled.
USDJPY: The JPY pairs are strongly bullish, breaking new highs and supply zones. This outlook may continue this week, but there may be some fleeting bearish corrections along the way. As a result of this, the USDJPY itself is in a bullish mode, reaching for the high of 103.50. This is a good thing for trend followers.
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EURJPY: Since early November 2013, this cross has moved upwards by more than 1050 pips. Congratulations trend followers! While some expect reversals soon, their expectation may turn out to be a temporary experience, for the market can still go further higher.
