Hello traders,
let’s see what the charts have for us this week:
1. USD/JPY
For two week USD/JPY has been consolidating. Don’t forget that this is the highest level this pair has been since 1998
This week if the current support zone is broken, there is huge probability that price next possible support zone will be the area marked brown (next possible support zone).
However, if the 150.135 resistance level gets broken, then price may move another 500 pips upwards.
2. EUR/JPY
Last week’s Friday analysis played out as we forecasted.
The key resistance zone is an area to watch out for this week. A breakout means the bulls still has some juice left in their tank from last week and the next resistance zone (marked blue) could be attainable
If the week resumes with a consolidation around the present resistance zone, then we should be looking for a possible bearish confirmation before joining the bears to the previous support zone (marked blue)
3. EUR/CHF
EUR/CHF closed last week respecting the resistance zone, and giving us a gravestone doji at the close of market.
This week I will be watching how price follows up with the doji formed last week. If we do get an additional bearish confirmation, then we join the sellers to push price back to the previous support level (0.98432).
If price breaks through the current resistance zone, then we may see price visit 0.99404 this week
4. GBP/CHF
GBP/CHF broke an ascending trendline serving as a support level for over a month. Price closed last week resting on a key support zone.
This week, a breakout means price will most likely hit support level 1.09296, and a reversal may encourage the bulls to revisit resistance level 1.15254.
There is also a possibility that price may form a consolidation around the present support zone before dropping.
5. CAD/JPY
CAD/JPY is stuck in a range for almost a month now.
A breakout through the key resistance zone means we may see another another 300 pips plus to the next possible resistance level (113.798).
If we do get a breakout below the key support zone, then we may see price hit support level 104.633
What say you?
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