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The EUR/JPY first consolidated last week, but it broke upwards on April 23, 2015. The upward break has enabled a Bullish Confirmation Pattern to form in the market, and the price might reach the supply levels at 130.50 and 131.00. This outlook would be valid as long as the EUR does not sustain exponential weakness.
EUR/USD: This pair traded in a tight range until April 23, 2015, when it broke upwards, owing to the stamina in the Euro. The bullish outlook would be valid for this week – except the Euro becomes weak – an event that can cause a reversal of the bullish trend.
USD/CHF: This market first went upwards last week, testing the resistance level at 0.9700. The short-term bullish movement was due to a sudden weakness in the CHF, for all the CHF pairs were affected on the same day. As the CHF eased on the following day, the price dived, almost reaching the support line at 0.9500. The support line must be breached to the downside, for the bearish bias to continue to be in force. Failure to achieve this could cause another rally in the market.
GBP/USD: Because the Cable is strong, an upward movement of 300 pips was witnessed in this market last week. From just below the accumulation territory at 1.4900, the price went upwards, almost reaching the distribution territory at 1.5200. That distribution territory could be battered. Should price fail to close above it, we might witness a bearish correction.
USD/JPY: This is a type of market in which upswings and downswings are short-term in nature. However, a closer look reveals that the bears currently have upper hands, and as a result of this, we might see some selling pressure in force this week.
EUR/JPY: The EUR/JPY first consolidated last week, but it broke upwards on April 23, 2015. The upward break has enabled a Bullish Confirmation Pattern to form in the market, and the price might reach the supply levels at 130.50 and 131.00. This outlook would be valid as long as the EUR does not sustain exponential weakness.
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