USD/JPY Weekly Outlook

The recovery in USD/JPY last week suggests that rebound from 116.13 is still in progress. Initial focus will be on 121.62 resistance this week. Break will target 100% projection of 116.13 to 121.62 from 118.58 at 124.01. We'll be cautious on strong resistance from there to bring reversal. On the downside, break of 118.58 will turn focus back to 116.13 support instead.

GBP/USD Weekly Outlook

The strong rebound in GBP/USD last week suggests that corrective decline from 1.5929 could have completed with three waves down to 1.5164 already. Initial bias remains on the upside this week for 1.5817 resistance first. The rise from 1.4565 might extend through 1.5929. But in that case, we'd expect strong resistance from 61.8% retracement of 1.7190 to 1.4565 at 1.6187 to limit upside. On the downside, below 1.5338 minor support will turn focus back to 1.5164 support instead.

EUR/USD Weekly Outlook

EUR/USD's recovery after drawing support from 55 days EMA argues that the corrective rise from 1.0461 is possibly still in progress. Initial bias is mildly on the upside this week for 1.1713 resistance.

3 Key Principles of Technical Analysis

1st Principle – Market discounts everything.

Everything including news, facts, data, emotions, and expectations. Everyone (including the fundamental analyst) ponders over each piece of information to make only one decision: to buy or to sell. This single decision affects price and volume.