This article looks at what's happening from technical perspective only and my expectations for major forex pairs: USD/JPY, EUR/USD and GBP/USD for the near term.

View on USD/JPY :

From the above weekly chart, the start of the second week of Feb 2016 was the first time price broke below range formed in 2015. Thereafter, trend has been bearish until now with price making lower highs and lows.

From the above monthly chart, we can see price making further down move away from 61.8% Fibonacci level.

Current market sentiment sees more favoring JPY than USD.

My current expectation is that price would target the next lower Fibonacci level of 50%.



My view on EUR/USD :

From the below weekly chart, i'm seeing price nearing upper resistance level of the range formed since start of Feb 2015.

Looking at monthly chart (below) though sees that the month of June has been bullish for the pair with price moving towards previous higher high.

Current market sentiment sees a mixed reading from both 2 charts.

I expect price to remain within the range for Q2.



My view of GBP/USD:


The above weekly chart sees current candle heading higher above previous bottom of the range-box.

From below monthly chart, price seems to be nearing major area of confluence.

Current market sentiment sees more favoring GBP than USD for reading taken from both charts.

I expect price to move towards the nearest diagonal line for this quarter (Q2).



Conclusion: Based on the above, the best pair to trade is USD/JPY due to lesser road-blocks seen for their charts.

Hope it helps.


Thanks for dropping by!

Best Regards,
Edwin

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