Daily analysis of major pairs for April 13, 2015

The EUR/JPY plunged by roughly 350 pips last week, as forecasted. The price reached a high of 131.29 and a low of 127.20. The outlook for this week is also bearish, as long as the EUR is weak. The next targets for the bears are located at the demand levels at 127.00 and 126.50.

EUR/USD: This pair is very weak right now – owing to a deep weakness in the EUR and a deep strength in the USD. In fact, the EUR is one of the weakest currencies among the majors, and so are most EUR pairs. A rally of 400 pips is significant enough to result in a clean Bearish Confirmation Pattern and therefore, further plunge is expected this week.

USD/CHF: This pair rose throughout last week, enabling a clean bullish bias in the market. There are support levels at 0.9700 and 0.9650, which should do a good job in arresting any bearish plunges along the way. There are also resistance levels at 0.9900 and 0.9950, which should serve as next targets for the bulls.

GBP/USD: Just like its EUR/USD counterpart, the Cable journeyed a downwards movement last week. The downwards journey has enabled the end of the recent tight consolidation phase in the market, allowing the bears to reign. The price could thus reach the accumulation territories at 1.4600 and 1.4550 this week; although the possibility of a rally cannot be ruled out.

USD/JPY: On this currency trading instrument, the bulls have fought to keep the price upbeat. However, the situation of the bullish outlook is unstable. It is safe to assume that the bullish outlook will be valid as long as the price is above the demand level of 119.00.

EUR/JPY: The EUR/JPY plunged by roughly 350 pips last week, as forecasted. The price reached a high of 131.29 and a low of 127.20. The outlook for this week is also bearish, as long as the EUR is weak. The next targets for the bears are located at the demand levels at 127.00 and 126.50.

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