currency trading instrument rose from the support line at 1.0900, reaching the
resistance line at 1.1350. This significant buying pressure has invalidated the
recent bearish outlook; ushering in a clean bullish phase.
weakness in this market has not caused any significant movement to the
downside. In fact, the market is volatile, and therefore a serious
movement to the upside or the downside is expected (though the latter action is
the GBP/USD pair has moved upwards by 200 pips this week, the bearish bias is
still intact. What can render the bearish bias useless is the situation in
which the distribution territory at 1.5500 is overcome.
USD/JPY: What is
happening now can be described as a consolidating movement in the context of an
uptrend. The supply level at 125.00 has been tested and the price now
oscillates between that supply level and the demand level at 124.00. The price
may close below the demand level at 124.00 but there could not be a real
jeopardy to the existing bullish outlook unless another demand level at 122.50
is breached to the downside. It is more logical to anticipate further movement
EUR/JPY cross has moved upwards very strongly this week. A
weekly movement of 500 pips is something that is significant enough to generate
a Clean Bullish Confirmation Pattern in the chart. The supply zone at 141.00
has been tested. It could be tested again and breached to the upside.
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