The USD/JPY pair ended its equilibrium phase of several weeks as it plunged massively last week. Several previous demand levels have turned into supply levels, and the price is close to the demand level at 121.50, which could be breached easily in case the current selling pressure continues. This is a long-awaited bearish signal - it may continue to hold this week.
There is a neat Bullish Confirmation Pattern in this market and there is a tendency that the price may continue to head upwards, especially in the face of the strength of the euro. The initial losses incurred by bulls last week have now been recovered and the price might even go higher.
The EUR/USD pair has moved upwards by 500 pips since last week. The price spiked even higher, testing the resistance line at 1.1700 before retracing a little bit. Based on the price action in the market, there is still a tendency for the price to move further north. So the resistance line at 1.1700 is the target for this week.
This pair has moved downwards by 400 pips since last week, and there is still more room for the price to move southward. Unless the resistance levels at 0.9450 and 0.9500 are breached to the upside, the bearish outlook would continue to be valid.
Bull and bear have continued fighting for supremacy on the cable. Owing to the current persistent effort of bulls, there is a Bullish Confirmation Pattern in the market, since the price has gone above the accumulation territories at 1.5700 and 1.5750, the distribution territory at 1.5800 is the next target to be reached by bulls
Since last week, this currency trading instrument has moved southward by 600 pips. This is one of the strongest movements in this market this year, and there is still more room for the bearish movement to run. In spite of the recent upwards bounce in the market (from the demand level at 116.50 to the supply level at 119.00), the outlook remains clearly bearish.
The sudden large pullback that happened on this cross on Monday jeopardized the bullish outlook in the market; neither there is a clear bearish signal yet. This is due to the great strength in the yen, and it would be OK to stay away from this market until we see what would happen next.
This pair rallied on Monday and went downwards on Tuesday. This means that the bullish effort, that was first made this week, has been challenged. The bullish outlook, nevertheless, is still rational, based on the price action in the chart. Further upwards journey is therefore anticipated
This pair went upwards on Tuesday after plunging on Monday. That means that losses which we saw on Monday were recouped on Tuesday. However, the general bias remains bearish: the EMA 11 is below the EMA 56 while the Williams % Range period 20 is still at the oversold territory. It is possible that further southward movement would be witnessed.
A large pullback had taken place, but it failed to violate the current bullish outlook on the market. The bullish outlook could be invalidated only if the price goes below the accumulation territory at 1.5650. Otherwise, a short-term bullish recovery is anticipated.
