USD/JPY
The USD/JPY pair has done very little over the last several sessions, so having said that I think that the one thing that the market is paying attention to is the 120 handle. I believe that there will be quite a bit of interest in buying this pair somewhere between the 120 level and the 118.50 level. Because of this, I believe that this market will eventually fall, and then end up forming a positive candle for the week.
GBP/USD
The GBP/USD pair fell significantly during the course of the week, breaking the back of the hammer from the previous week. With that being the case, the market should then drop to the 1.45 level given enough time. I believe that rallies are selling opportunities, and have no interest whatsoever in buying this pair.
USD/CAD
The USD/CAD pair rose initially during the course of the week, but turned back around to form a bit of a shooting star. That being the case, I believe that the market will probably drift lower in the beginning of the week, but sooner or later we will find buyers. The 1.35 level below is the “floor” in this market, so I’m looking for supportive candles in order to start way long yet again.
EUR/USD
The EUR/USD pair fell during the course of the week, but we have been in a fairly tight consolidative range for some time now, and as a result I feel that the market will continue to be relatively consolidative, bouncing between the 1.08 level on the bottom and the 1.1050 level on the top.
