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Home » Technical Analysis » Weekly » EURJPY » Weekly Trading Forecasts on Major Pairs (April 20 – 24, 2015)

Weekly Trading Forecasts on Major Pairs (April 20 – 24, 2015)

Posted by Analyst 75 in EURJPY - April 18th, 2015 7:40 pm GMT


Here’s the market outlook for the week:



Dominant bias: Bullish

The EURUSD moved upwards by over 260 pips last week. The bullish journey began at the support line of 1.0550, and price is now above the support line at 1.0800. The next targets for the bulls are located at the resistance lines of 1.0900 and 1.1000, but there must be an ongoing buying pressure for these targets to be reached. The current bullish outlook for the EURUSD is delicate, because any weakness in the Euro could send the market tumbling, reaching the support lines at 1.0700 and 1.0600.



Dominant bias: Bearish

The USDCHF nosedived 300 pips last week. The price reached a high of 0.9862 and a low of 0.9494. The support level at 0.9500 has already been tested and it could be tested again (even breached to the downside). Ultimately, the support levels at 0.9400 and 0.9350 can also be tested. On the upside, there are resistance levels at 0.9650 and 0.9750.



Dominant bias: Bullish

Cable is now strong, as the bullish effort that started recently has paid off. There is now a strong Bullish Confirmation Pattern in the market. The GBPUSD price moved upwards by over 400 pips, rising from the accumulation territory at 1.4600 and testing the distribution territory at 1.5050. In spite of the current shallow bearish retracement, Cable is normally expected to uphold its strength, attaining the distribution territories at 1.6000 and 1.0650.



Dominant bias: Bearish

The USDJPY has gone bearish, having gone below the supply level at 119.00. The price has to maintain its position below that supply level for the bearish outlook to continue to make sense, for any movement above that supply level could put the bears in a defensive position. Should the market continue its weakness this week, the demand levels at 118.50 and 118.00 would be battered.



Dominant bias: Bearish

Although the EURJPY rose by 200 pips last week (from the demand zone at 126.50 to the supply zone at 128.50), the bearish bias is still in place. Only a movement above the supply zone at 129.50 would render the current bearish bias invalid. Any journey below the current demand levels (127.50 and 127.00) would simply enforce the presence of the current bearish bias.


This forecast is concluded with the quote below:


“KISS”, keep it simple, means you start learning what really works for you, what is “true” for you and then translate that information onto the charts.” – Mercedes Oestermann van Essen








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