EUR/USD: The situation on EUR/JPY is currently dicey: given the positions of the EMA 11 and the EMA 56 in the 4-hour chart. A break above the resistance line at 1.2600 would mean the beginning of a long-term bullish outlook and a break below the support line at 1.2400 would mean a renewal of the bearish outlook.
USD/CHF: The bearish attempt on this currency trading instrument has been rejected at the support level at 0.9600. Price may touch the resistance level at 0.9700, and with further bullish stamina, it could break the resistance level to the upside, and by then, the bullish bias would have been strengthened again.
GBP/USD: The Cable has been unable to cross the distribution territory at 1.5800, in spite of desperate attempts by the bulls. Price has come down a bit – moving closer to the accumulation territory at 1.5700. A movement below the accumulation territory would make the bearish outlook stronger.
USD/JPY: The Bullish Conformation Pattern in the chart is still extant and when price breaks out, it would be to the upside, which may cause the market to test the supply level at 119.00. One thing is necessary: price must continue going upwards so that the bullish outlook can remain intact.
EUR/JPY: This market remains bullish and it is expected to go further upwards when momentum returns to the market. The first target for the bull is at the supply zone at 148.00; and with further strength, the market can reach the supply zone at 149.00. There is a demand zone at 146.00, which is a barrier to the bears’ interest.
