Daily analysis of GBP/JPY for September 04, 2014 Trend News

Yesterday's closing below the resistance level of 173.30 gave the price an opportunity for bearish move. As shown here, the price is trying to continue its bearish move by breaking the support level of 172.00 and closing below 4h. In that case, we may get another opportunity for more sell signals and it opens the way towards the level of 171.50, as the first target. Besides, the price should test the support level of 171.00 afterwards to continue its bearish move. But as long as the price stabilizes above the support level of 172.00, it cancels the first scenario.

Resistance and support levels: R3 (173.80), R2 (173.30), R1 (172.60), S1 (172.00), S2 (171.50), S3 (171.00).

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Daily analysis of Silver for September 04, 2014 Trend News

As shown in the today's H4 chart, the metal is stabilizing above the support level of 19.00 after its failure to break the resistance level of 19.20 again. Currently, we should wait for retesting the support level again and closing below to get the bearish opportunity. In that case, we will get a good opportunity to sell below the support level until testing the next support level of 18.75. Therefore, we can consider our first target few pips above this support level. But as long as the price is still above the support level of 19.00, this cancels the bearish move scenario.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.75), S3(18.50).

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GBP/USD intraday technical levels and trading recommendations for September 4, 2014 Trend News

One month ago, bears initiated a bearish trend off the price levels around 1.7150-1.7190. Since then, the GBP/USD pair has been declining within the depicted bearish channel.

The price levels of 1.7050 - 1.7000 failed to provide enough support for the pair. Hence, bears had an initial bearish target around 1.6800.

However, this price zone of 1.6800 - 1.6820 failed to provide support too. Thus, maintaining the downside movement within the depicted chart.

The current bearish destination is located around 1.6400-1.6385 which has been hit earlier today. (Price level of 1.6390 corresponds to the depicted channel lower limit).

In case bulls maintain the current daily closure in the form of a "bullish hammer daily candlestick", bullish breakout is likely to occur this week.

Otherwise, sustained bearish pressure will expose the price levels around 1.6315 for retesting. It's the nearest daily support to meet the pair ( previous prominent daily bottom ).

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USD/CAD intraday technical levels and trading recommendations for September 4, 2014 Trend News

The bullish breakout off the depicted channel allow bulls to retest the price zone between 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) where a prominent congestion zone was previously formed.

One month ago, the USD/CAD pair failed to maintain daily closure above price level of 1.0950, then a double-top reversal pattern was expressed at retesting last week.

As we mentioned before, bearish rejection was anticipated after such a long bullish rally that originated off 1.0650 and 1.0710.

A valid SELL position was suggested at retesting which took place last week. The initial bearish target is located around 1.0825, then 1.0770 (considerable Intraday support).

The price zone of 1.0880-1.0900 offered a valid low-risk SELL entry as we mentioned yesterday.

As long as the recent top at 1.0990 remains unbroken, our sell position remains valid.

Daily closure below the price zone of 1.0870-1.0850 confirms a long-term double-top pattern (on the daily chart) with its projection target located at 1.0770.

On the other hand, daily fixation above 1.0950 (50% Fibonacci level) enables the bulls to shoot towards 1.1020 and 1.1050 initially (very low probability in the meantime).

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Intraday technical levels and trading recommendations on GBP/USD for September 4, 2014 Trend News

Breakdown of the DEMAND level around 1.6975 allowed a quick decline of the GBP/USD pair initially towards the price zone of 1.6800-1.6820.

While retesting the price zone of 1.6800-1.6820, a bullish pause occurred meanwhile. This corrective movement was stopped below 1.6880 when bears applied considerable bearish pressure.

Through the previous two weeks, the GBP/USD pair established a congestion zone between the price levels of 1.6660 and 1.6550.

Bullish breakout off the current steep channel was considered last week. However, extensive bearish pressure was manifested on Tuesday.

On the other hand, the current DEMAND level to meet the pair is located around 1.6425-1.6400 where the lower limit of the ongoing channel is located.

As depicted on the chart, bearish breakout off the previous congestion zone 1.6530-1.6595 took place. Shortly after, projection target was reached around 1.6460.

The GBP/USD pair has been downtrending for almost 25 days. However, evident bearish momentum keeps pushing lower without significant bullish correction.

Price action should be watched carefully at retesting the price level of 1.6400. It's the nearest SUPPLY level to meet the pair as it corresponds to the lower limit of the depicted channel.

There will be a high incidence of bullish reversal.

Any bullish fixation above 1.6460 hinders the current steep down-trend.

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Intraday technical levels and trading recommendations on EUR/USD for September 4, 2014 Trend News

The price zone of 1.3800-1.3880 (dotted on the chart) provided considerable SUPPLY for the EUR/USD pair. This price zone managed to pause the bullish momentum leading to obvious breakdown of the depicted bullish trend line.

Bearish pressure which originated off 1.3650 has applied enough pressure at the price level of 1.3560 (corresponding to the previous prominent bottom).

Since then, the pair has been downtrending within the depicted bearish channel until the price level of 1.3330 where a narrow range congestion zone was established.

Shortly after, bearish breakout was expressed. Quick decline occurred towards the price levels around 1.3150 then 1.3000 following a bearish gap.

Further price action should be considered knowing that the pair is currently testing the lower limit of the channel. High probability of reversal exists.

The short-term bearish trend remains intact as long as the bears keep defending the price zone of 1.3330-1.3420.

Daily closure should be considered to determine if the lower limit of the channel will provide support for the bulls or not.

Bullish fixation above 1.3150 and 1.3200 is essential to acquire a momentum strong enough to initiate a bullish corrective move towards 1.3295 and 1.3330 as well.

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Elliott wave analysis of EUR/NZD for September 04, 2014 Trend News

Today's support and resistance levels:

R3: 1.5833

R2: 1.5810

R1: 1.5787

Current spot: 1.5776

S1: 1.5761

S2: 1.5740

S3: 1.5718

Technical summary:

We have seen the expcted correction lower from the 1.5833 high. We should be ready for a new rally any time now. In the short term, a break above minor resistance at 1.5810 will indicate, that the correction is over and a new strong rally above 1.5899 is building for a rally towards the next major upside target at 1.6203. Only if minor resistance manages to protect the upside, a slightly deeper correction should be expected towards the 1.5718 - 1.15728 area.

Trading recommendation:

We are long in EUR from 1.5725 and will keep our stop at 1.5640. If you are not long in EUR yet, then buy close to 1.5761 or upon a break above 1.5810 with the same stop at 1.5640.

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Elliott wave analysis of EUR/JPY for September 04, 2014 Trend News

Today's support and resistance levels:

R3: 138.47

R2: 138.27

R1: 138.01

Current spot: 137.89

S1: 137.68

S2: 137.58

S3: 137.38

Technical summary:

We have seen the expected small correction from the 138.27 high. Now, we should be ready for the next rally higher through 138.01 and more importantly above 138.27 for a rally towards 140.07 and higher. A strong break above 138.01 will also trigger the inverse S/H/S bottom, confirming the 140.07 target. That said, we have to accept the risk of a slightly deeper correction towards 137.38 as long as the minor resistance at 138.01 protects the upside.

Trading recommendation:

We are long in EUR from 137.35 and will keep our top at 136.45 for now. If you are not long in EUR yet, then buy near 137.38 or upon a break above 138.01 with the same stop at 136.45.

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Technical analysis of NZD/USD for September 4, 2014 Trend News

Recommendations :

• According to the previous events, the price of the NZD/USD pair is going to move between the levels of 0.8292 and 0.8344.


• Buy above the price of 0.8292 or 0.8271 which represent the double bottom and support respectively in the long term with the first target at 0.8340. It might resume to 0.8380 if the trend will be able to break the price of 0.8340 in order to test resistance.


• The stop loss should always be in account, thus it will be very profitable to set your stop loss below support 1 at the price of 0.8247.

Observations :

• As it is known, the sellers are asking for a higher price. And the supply zone has been formed between the levels of 0.8380 and 0.8271.


• The double top will set at the level of 0.8390. The minor support is going to set at 0.8292. And this level is going to represent the double bottom.


• The major support had already set at the price of 0.8271. So, the new double bottom also coincides with the major support in coming hours.


• We expect a range of 122 pips this week.


• The key level will set at the level of 0.8330 today

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Technical analysis of USD/CHF for September 4, 2014 Trend News

Overview :

• The USD/CHF pair is going to set strong resistance at the level of 0.9226. This level coincides with the ratio of 50% Fibonacci retracement levels in H4 chart. Equally important, the price is still moving between 0.9200 and 0.9138. Also, the USD/CHF pair has still been below 50% of Fibonacci retracement levels for several days. As a result, the price has already formed the strong resistance at this level of 0.9226. It is now approaching it in order to test it. Moreover, it should be noted that the level of 0.9200 is the key price today. Therefore, the USD/CHF pair will get a downside rather convincing momentum and the structure of the fall does not look corrective, indicating a bearish opportunity below the 0.9226 level. So, it will a good sign to sell below 0.9226 with the first target at 0.9166 (this level coincides with the daily pivot point). It will call for a downtrend in order to continue bearish move towards 0.9102. Additionally, the price is at 0.9102 to test the double bottom and it represents strong support. On the other hand, the stop loss should always be taken into account, thus it will be useful to set your stop loss at the price of 0.9250.

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Gold analysis for September 04, 2014 Trend News

Overview:

Since our last analysis, EUR/NZD has been trading sideways around the price of 1.5780. We can observe that our Fibonacci retracement 61.8% at the price of 1.5800 was held successfully. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. According to the 4H time frame, we got supply in a volume above the average, so buying looks very risky at this stage. Any larger supply in a high volume may confirm further bearish movement.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5821

R2: 1.5835

R3: 1.5858

Support levels:

S1: 1.5776

S2: 1.5762

S3: 1.5740

Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.

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Gold analysis for September 04, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of 1,273.23 in a volume below the average according to the 4H time frame. The price almost tested our Fibonacci expansion 100% at the level of 1,258.00, so be careful when selling at this stage. If the price breaks the level of 1,258.00, we may see more downward movement. Anyway, Gold is now in bullish corrective phase so I have placed Fibonacci retracement from the most recenet downward leg and I got Fibonacci retracement 38.2% at the price of 1,274.50 (currently is being testing) and Fibonacci retracement 61.8% at the price of 1,283.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,272.21

R2: 1,274.69

R3: 1,278.70

Support levels:

S1: 1,264.19

S2: 1,261.71

S3: 1,257.70

Trading recommendations: Watch for potential selling opportunities after retracement.

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Technical analysis of EUR/JPY for September 4, 2014 Trend News

General overview for 04/09/2014 09:50 CET

Not much has changed since yesterday as the market is in corrective cycle labled by blue wave (b) and it is about to complete blue wave (c) to the upside. Then, the first leg of a complex corrective structure will be completed but any breakout below the level of 136.48 invalidates this bullish scenario.

Support/Resistance:

138.63 - WR3

138.25 - Intraday Resistance

138.14 - WR2

137.67 - Intraday Support

137.40 - Intraday Support

137.37 - WR1

136.89 - Weekly Pivot

Trading recommendations:

As the impulsive bearish count has been invalidated, the short orders are not really the best way to play this market now as the buying the dips provides more opportunities to make profits. Targets on chart(s).

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#USDX Technical analysis for September 4, 2014 Trend News

The Dollar index remains inside the upward sloping channel. Trend remains bullish as price is making higher highs and higher lows. More upside is expected for the Dollar. However, with Mario Draghi's speech today, traders should be very cautious as volatility is likely to rise.

Support at 82.80 should hold for another upward move towards 83.05 and 83.15. Price is inside the upward sloping channel. Price is above the Ichimoku cloud. All signs are positive for the future price movement. Bulls have the upper hand and remain in control. If the channel is broken, the Ichimoku cloud is expected at 82.35-82.55 to provide support.

The daily chart remains bullish. The upward sloping channel remains valid but price is close to the upper channel boundaries. Daily support is at 82.35. Breaking below that level could start a deeper correction towards 81. Currently, the trend remains fully bullish targeting at 84.

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Gold Technical analysis for September 4, 2014 Trend News

Gold price remains in a down trend but has moved away from its recent lows at $1,262 towards the break point and the previous low at $1,270. More downside is expected after this back test. Gold price is expected to continue lower towards $1,240-50 as long as price is below $1,295.

Gold price remains below the Ichimoku cloud in the 4 hour chart and below both the short- and long-term red trend lines. Resistance is found at $1,283. Next resistance is at $1,295. Support is at $1,263, if broken it will push price towards $1,250.

The daily trend remains bearish. Price is below the Ichimoku cloud. Price has broken the long-term trend line support from $1,180 and $1,240. It is now back testing that level of support that was broken. Once the back test is over, I expect more downside pressures.

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Technical analysis of USD/CAD for September 4, 2014 Trend News

General overview for 04/09/2014 09:20 CET

Lower time frames wave development shows that a sooner than expected blue wave -iii- is possible and the count does not breach any Elliott wave rules. This is why the current chart is very bullish but the higher time frames charts that I had been posting (h4 time frame) are still valid as well. The next market move might be very important and will give traders further clues where it might go. The main intraday support is at the level of 1.0869 and it is a key level for bulls, because any breakout lower would mean that the golden channel is broken. The price is below the weekly pivot and the market is possibly going to test the demand zone between the levels of 1.0809 - 1.0839. However, if the price will stay in the channel and will try to break the intraday resistance at the level of 1.0945, then the present h1 labeling is the most appropriate I can do.

Support/Resistance:

1.0995 - Swing High

1.0965 - WR1

1.0940 - Intraday Resistance

1.0887 - Weekly Pivot

1.0869 - Intraday Support

1.0809 - 1.0839 - Demand Zone

Trading recommendations:

Sell orders advised yesterday should still be in play with SL at the level of 1.0940 and TP at the level of 1.0745. However, please notice that the lower time frames are not supporting the current wave progression and any breakout above 1.0940 is bullish and buy orders should be opened instead.

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Technical analysis of Silver for Sep 04, 2014 Trend News

Technical outlook and chart setups:

1. Silver has formed bottom around the sub $19.00 levels, 2 days back, and potentially seems to be ready to rally higher towards $22.50/60 levels in the coming weeks. It is recommended to remain long, risk remains below the $19.00 level.

2. Support is seen at $19.00, followed by $18.60 and lower while resistance is seen at $20.20, followed by $20.75, $21.70, and higher up.

3. The structure indicates that Silver could resume its rally from the current levels ($19.22), towards $22.50/60.

Trading recommendations:

Remain long, stop below $19.00, the target is open.

Good luck!

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Technical analysis of Gold for Sep 04, 2014 Trend News

Technical outlook and chart setups:

1. Gold has formed lows yesterday around the $1,260.00/61.00 levels and is seen to be preparing for an extended rally here towards the $1,430.00 level. A morning star bullish reversal signal is expected today on the daily chart view. It is recommended to initiate long positions at the current levels, risk remains at $1,260.00.

2. Support is seen at $1,260.00, followed by $1,240.00 and lower while resistance is seen at $1,296.00, followed by $1,325.00, $1,340.00 and higher respectively.

3. The structure indicates that Gold should turn bullish from the current level of $1,272.00/73.00.

Trading recommendations:

Remain long, stop at $1,259.00, the target is open.

Good luck!

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Intraday analysis of Gold for September 04, 2014 Trend News

The metal is bouncing from the lower levels. As we recommended in yesterday's session, buy above $1,269 with the targets at $1,274-$1,275. As of now, the metal has made high at $1,273 in Asia's session. The metal opened strong with support by daily close level. For a positional basis, the metal has resistance at $1,285, $1,290, and $1,293. In case of a daily close above $1,290, bulls will regain strength on intra week basis. If a daily close is above $1,302, the NT term turns to positive; until then, selling on an up move will mint the money. For an hourly trading, the metal has strong resistance at the $1,275.60 and $1,280 levels.

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Weekly forecast and an intraday analysis of EUR/USD for September 04, 2014 Trend News

Today, traders keep an eye on the ECB press conference. The pair pushed to an 11-month low. On the down side, it has support at 1.3105 (a low of September 2009), below this 1.30 is the 50.0 fib level. For the rest of the year, the pair has major support between the 1.2766 (200MEma)1.2750 levels. On a weekly basis, the pair has strong resistance at 1.3250-1.3260. As we recommended in our previous articles, until the price closes above 20Dsma, selling on every up move will mint the money.

Support 1.3105 1.30 1.2750-1.2766.

Resistance 1.32 1.3220 1.3250-1.3260.

Intraday cmp 1.3148.

The price is facing strong resistance at 34hrsma for 20 hours. Above this, it can fly up to the levels between 1.3196 and 1.3221. On the down side, it has strong support at 1.3142, 1.3134, and 1.3120. The pair will face selling pressure below 1.3120, panic below 1.31 towards 1.30.

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Intraday trading recommendations on GBP/JPY for September 04, 2014 Trend News

This week the pair started by holding the 20Wsma.The weekly support level existed at 172.34 levels. Until the pair closes above the 20Wsma, we expect some up move to be under this pair. In yesterday's session, the pair hit the 50Dsma and closed below that. The daily stochastics is indicating the sell mode. In today's session the pair opened with support at 100Dsma and moving forward. The pair has support at the 172.40, 172, and 171.60 levels for the near term; 171.25 and 170.47 are the support levels for a short term. Bulls must close above 172.89 to make a high at the 174 level in the near term.

Support is at172, 171.25, and 170.47.

Resistance is at 172.90, 173.50, and 174.

Intraday cmp 172.66.

For an intraday basis, the pair is facing strong resistance at 34hesma or 172.35 and it made a hourly top at 172.74. The hourly Stochstics (h4) is indicating a pull back. The price is closed and trading below the hourly key moving averages 12ema and 35DEMA. It results negatively in the hourly trading system. Until the price closes above 173.10, bears try to take the pair to lower levels. We strongly recommend buying above 173.10, until then sellers mint the money.

Resistance is at 172.75, 172.86, and 173.10.

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Technical analysis of USD/JPY for September 04, 2014 Trend News

In Asia, Japan will release the Monetary Policy Statement and BOJ press conference. Besides, the US will release some economic data such as ADP non-farm employment change, trade balance, unemployment claims, revised non-farm productivity q/q, revised unit labor costs q/q, final services PMI, ISM non-manufacturing PMI, natural gas storage, and crude oil Inventories. So, there is a big probability the USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS: Resistance. 3: 105.48. Resistance. 2: 105.23. Resistance. 1: 105.02. Support. 1: 104.77. Support. 2: 104.57. Support. 3: 104.36.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of EUR/USD for September 04, 2014 Trend News

When the European market opens, some economic news will be released such as German factory orders m/m, retail PMI, Spanish 10-y bond auction, French 10-y bond auction, minimum bid rate, and ECB press conference. The US will publish the economic data too such as the ADP non-farm employment change, trade balance, unemployment claims,rRevised non-farm productivity q/q, revised unit labor costs q/q, final services PMI, ISM non-manufacturing PMI, natural gas storage, and crude oil inventories. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.3213.

Strong Resistance:1.3205.

Original Resistance: 1.3192.

Inner Sell Area: 1.3179.

Target Inner Area: 1.3148.

Inner Buy Area: 1.3117.

Original Support: 1.3104.

Strong Support: 1.3091.

Breakout SELL Level: 1.3083.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Short term trend levels and an intraday recommendation on USD/CAD for September 04, 2014 Trend News

The pair held the support at 50Wsma on the previous week and closed above the breakout level. On a closing basis, until the pair closes above the 1.0794, buying on dips will mint the money. The short- and medium-term strong key support existed at 1.0794. On the short-term basis, the pair has been trading above 50Dsma and 200Dema. In yesterday's session, the pair broke out and closed below the 20Dsma and 200Dsma. In today's session, the pair opened at a low, resulting in minor bullish move. The pair is facing resistance at 1.0895. The pair looks strong, buy above this for the 1.0916 level on positional basis. On the down side, it has support at 1.0858 below this, 1.0824 and 1.080-1.0794 on positional basis.

Support is at 1.0858, 1.0824, and 1.0794.

Resistance is at 1.0895, 1.0917, and 1.0956.

Intraday cmp 1.0889.

For an intraday session, the pair is facing strong resistance at 1.0893 (21hesma). We strongly recommend buying only above this level. On the downside, it has support at the 1.08795 and 1.0871 levels.

Buy above 1.0893.

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Daily analysis of USDX for September 04, 2014 Trend News

Daily chart: The USDX continues to form a higher high pattern above the support level of 82.51, due to that the instrument remains strong in the bullish trend above the 200-day moving average. If the USDX manages to make a pullback from the current levels, it is expected to fall again to the support level of 82.51. The MACD indicator is maintained in the neutral territory.

H4 chart: The USDX is maintained above the 200-day moving average, although the USDX is trying to stay above the bullish trend line, even though that area has prevented this instrument from further rise. The MACD indicator remains in the negative territory.

H1 chart: The USDX has found support at the 82.85 level, since the USDX performed a pullback near the level of 83.05. If the USDX manages to make a breakout at the support level, the next target would be the level of 82.67, where the 200-day moving average is located. The MACD indicator remains in the negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 82.85, take profit is at 82.97, and stop loss is at 82.72.

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Daily analysis of GBP/USD for September 04, 2014 Trend News

Daily chart: The GBP/USD pair remains strong in the bearish trend due to the fact that this pair is forming a bearish pattern above the support level of 1.6447. If this pair consolidates below that level, the next target would be the 1.6326 level, which would be a strong bearish consolidation.

H4 chart: This pair is trying to form a bearish pattern above the support level of 1.6435. However, GBP/USD is likely to attempt to perform a rebound from the current levels and rise to the resistance level of 1.6553. However, if the GBP/USD pair manages to make a breakout at the support level, it is expected to fall to the 1.6247 level. The MACD indicator remains in the negative territory.

H1 chart: The GBP/USD pair is trying to consolidate below the 1.6464. So, this pair could fall up to the support level of 1.6419 within several hours. If GBP/USD manages to make a breakout at that level, it is expected to fall to the level of 1.6375. The MACD indicator stays in the positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6578, take profit is at 1.6544, and stop loss is at 1.6611.

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Daily analysis of major pairs for September 4, 2014 Trend News

EUR/USD: Although the EUR/USD pair is threatening to go upwards, the bias is still bearish and the price action can be construed as another opportunity to go short. The price may reach the support line at 1.3100.

USD/CHF: Although the USD/CHF pair is threatening to go downwards, the bias is still bullish and the price action can be construed to be another opportunity to go long. The price may reach the resistance level at 0.9250.

GBP/USD: A fall of over 150 pips this week is not a joke – it gives the Bearish Confirmation Pattern in the chart a stronger formation. In the chart, the EMA 11 is below the EMA 56 and the price is below them. The RSI period 14 is far below the level 50. Long trades are not yet sensible in this market, for the price may end up reaching the accumulation territory at 1.6400.

USD/JPY: The USD/JPY pair is still in a bullish mode, irrespective of the shallow pullback that is currently happening in the market. In spite of the pullback, the price can still test the supply level at 105.00 again, break it to the upside and go towards another resistance level at 105.50. This would be possible as the yen continues to be weak. Some strong fundamental figures are expected today and they will surely have impact on the markets.

EUR/JPY: As the yen continues to be weak, this cross would be going further upwards. No matter occasional southward retracements and high volatility, the price can end up reaching the supply zone at 138.50.

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