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The EURJPY was largely bearish last week, and it would possibly breach the demand zone at 128.00 to the downside this week.
EURUSD: This pair went upwards last week, testing the resistance line at 1.3400 before bouncing downwards. The downward bounce is deemed a correction in an uptrend, especially as long as the price is above the support line at 1.3300. The price may go upwards again to test the aforementioned resistance line.
USDCHF: This currency instrument is in a bearish scenario (being also bearish for the most part of the last week). The price has bounced upwards from the support level of 0.9200 – a barrier that could not be breached significantly last week. However, the price ought to be able to breach that barrier to the downside this week, for the southward outlook to continue to be valid.
GBPUSD: The Cable trended upwards by roughly 300 pips last week – before it retraced southward a bit. The price closed at 1.5501 on Friday (August 9, 2013), resting exactly on the price market territory at 1.5550. That price territory may be breached to the downside, but not the next one, which is 1.5500.
USDJPY: This currency instrument moved largely downwards last week, testing the demand zone at 96.00. The price is now trying to move downwards towards that demand zone again, which would be retested and probably breached to the downside, should the current selling pressure continue.
EURJPY: The EURJPY was largely bearish last week, and it would possibly breach the demand zone at 128.00 to the downside this week. The demand zone at 128.00 is not a lofty target, being expected to be breached to the downside as the price closes below it.
Source: www.instaforex.com
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