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The USD/JPY dropped by roughly 500 pips last week, testing the demand level at 116.50. The massive drop was partly due to the perceived weakness in USD, and the bearish movement might continue this week, targeting the demand levels at 116.00 and 115.50. In view of this, long trades are not recommended until it is clear that the bulls have regained control.
EUR/USD: Owing to the surprise and unexpected stamina in the USD, this pair rose upward by over 400 pips last week. In the 4-hour chart, the EMA 11 is above the EMA 56, while the Williams’ % Range period 20 is not far from the overbought region. Even, the bearish correction that was witnessed last Friday was merely a sale in the context of a downtrend, for the price might turn further upward, targeting the resistance lines at 1.1250 and 1.1300.
USD/CHF: From the high attained on January 29, 2016, the USD/CHF dropped by 500 pips, testing the support level at 0.9900 last week. This price action has resulted in a Bearish Confirmation Pattern in the chart, which might enable the price to reach the support levels at 0.9850 and 0.9800 this week.
GBP/USD: From the low of Friday, January 29, 2016, this currency trading instrument moved upwards by 500 pips, testing the distribution territory at 1.4650. However, the price came down by 200 pips on February 5, 2016, underlining the precarious nature of the GBP. While the GBP is strong against the USD, it is weak against other currencies (GBP/CHF, GBPCAD, etc.), since the outlook on GBP pairs remains bearish for the month of February. A further southward movement of 200 pips could put an end to the extant bullish bias.
USD/JPY: The USD/JPY dropped by roughly 500 pips last week, testing the demand level at 116.50. The massive drop was partly due to the perceived weakness in USD, and the bearish movement might continue this week, targeting the demand levels at 116.00 and 115.50. In view of this, long trades are not recommended until it is clear that the bulls have regained control.
EUR/JPY: Unlike most other JPY pairs, the EUR/JPY has not moved down significantly. In fact, the bias on the cross is bullish and as long as the EUR is strong. The outlook on JPY pairs is bullish for this month, and therefore, those weak JPY pairs like GBP/JPY, AUD/JPY and NZD/JPY, might also end their southward journeys and move upwards (this week or next week). EUR/JPY might go further upwards and recover the losses it sustained last week.
What Super Traders Don’t Want You To Know: http://www.advfnbooks.com/books/supertraders/index.html
