There is a short-term bearish signal on the EUR/JPY. Price went down yesterday and it is now under the supply zone at 121.00. There is a possibility that the demand zones at 120.50 and 120.00 would be tested this week.
EUR/USD: This currency trading instrument went north last week, testing the resistance line at 1.0750. The outlook on the market is bullish, especially as long as USD is weak. The next targets for bulls are located at the resistance lines of 1.0800 and 1.0850, but that does not rule out a possibility of pullbacks along the way.
USD/CHF: This pair did not trend seriously on Monday, though there is a Bearish Confirmation Pattern in the market. The market is supposed to continue going downwards as long as the EUR/USD is going upwards, although things may reverse this week.
GBP/USD: Last week, the weakness in USD caused the Cable to rise, enabling a bullish bias to form in the market. From the accumulation territory at 1.2150, price went upwards by 250 pips, closing at 1.2395 on Friday, after testing the distribution territory at 1.2400. Price did nothing significant yesterday. This week, there could be a reversal in the market, especially when USD shows some strength.
USD/JPY: A bearish signal has been generated on the USD/JPY since last week, which has caused a Bearish Confirmation Pattern in the market. Price may go further southward to test the demand levels at 112.00 and 11.50. However, there could be a rally before the end of the month, for the outlook on JPY pairs is bullish.
EUR/JPY: There is a short-term bearish signal on the EUR/JPY. Price went down yesterday and it is now under the supply zone at 121.00. There is a possibility that the demand zones at 120.50 and 120.00 would be tested this week.
Performed by Azeez Mustapha,
InstaForex Companies Group