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The JPY pairs have been caught in significant bullish movements as more and more supply levels are being breached to the upside.
EURUSD: The EURUSD is still in a bullish mode, irrespective of the fact that the bullish outlook is in a serious jeopardy. It can be seen that the price currently rests on the EMA 56, while the Williams’ % Range has gone into the oversold territory. As long as the price fails to breach the EMA 56 to the downside, the bullish outlook is valid.
USDCHF: This pair has the potential to go further upwards in a bullish bias, but long trades are not advisable until the price breaks the resistance level of 0.9300 to the upside. Prior to that event, it would be assumed that the bear market still exists in the market, for the price may nosedive toward the support level at 0.9200.
GBPUSD: The Cable is in a bullish mode, and unlike the EURUSD, there is still a Bullish Confirmation Pattern in the market. The RSI period 14 is above the level 50, and the price itself has bounced upwards from the accumulation territory of 1.5450. The price could easily break the market territory at 1.5500 to the upside.
USDJPY: The JPY pairs have been caught in significant bullish movements as more and more supply levels are being breached to the upside. From the demand level at 96.00, the USDJPY went upwards by over 200 pips. Soon and very soon, the price would be trading above the market level of 98.00.
EURJPY: This trading instrument is also in a vivid northward move. From the demand zone of 128.00, the price has gone upwards by over 230 pips. At the time of writing this forecast, the price is trading above the demand zone of 130.00: it would soon touch the supply zone at 130.50, possibly breaking it above.
Source: www.instaforex.com
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