After testing the demand zone at 135.00, the EUR/JPY pair bounced upward. Bears are still fighting for supremacy on the cross. Bulls would need to prevent bears from pushing the price below the demand zone at 134.00; otherwise the outlook would turn bearish.
On this pair, there is yet to be a significant trending movement, as the market is still consolidating. When a breakout (which is normally expected) takes place, the support line at 1.1150 could be violated. On the other hand, we may see bulls making further bullish attempts.
This pair is in a consolidation mode. There would be a breakout to the upside or to the downside today, pushing the price above the resistance level of 0.9800 or below the support level at 0.9600. When a breakout does occur, it would probably be in favor of bears. Nevertheless, a strong trend is needed for this to happen.
The GBP/USD pair moved upwards by at least 170 pips, testing the distribution territory at 1.5500. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level of 50. This reveals a bullish outlook - the price could reach other distribution territories of 1.5550 and 1.5600. Moreover, some fundamental figures are expected today and they will have impact on the markets.
This pair moved largely sideways yesterday. A breakout could take place any day this week, which would make the price go above the supply level at 121.00 or below the demand level at 119.00. Then, a directional movement is expected in the market.
The EUR/JPY pair made some bullish attempt on Wednesday, testing the supply zone of 136.50. When the supply zone is breached to the upside, the price could test another supply zone around 137.00. There is a Bullish Confirmation Pattern in the chart, and bulls still dominate in the market.
The outlook for this pair is still bullish, though threatened. The price managed to test the resistance line at 1.1450, before being corrected to the downside. A downward movement was not strong enough to render the current bullish outlook invalid, unless the support line at 1.1200 is breached to the downside.
The USD/CHF pair remains under bearish control. As long as the resistance level at 0.9800 is not broken to the upside, bearishness would be a rational thing. The market is expected to continue moving downwards this week; coupled with the fact that the resistance level at 0.9800 is a serious challenge to bulls.
This pair went 300 pips upwards last week, rising from the accumulation territory of 1.5350, and reaching the distribution territory at 1.5650. From that distribution territory, the price has eased by 110 pips. There would be strong volatility in the market this week, for the price would perform a series of upswings and downswings.
The USD/JPY pair moved sideways during the last week, without any significant movement to the upside or to the downside. There would be a serious breakout any day this week, which would most probably favor bears. There is the demand level at 119.00 and support is found at 121.50.
