Daily analysis of major pairs for September 19, 2017

The USD/JPY went further upwards on Monday, now around the price level at 111.50. The supply levels at 112.00 and 112.50 could be targeted soon. However, it is expected that price would come down before the end of the week, owing to a bearish outlook on JPY pairs for this week.

EUR/USD: There is short-term neutrality on the EUR/USD - although the long-term bias on the market is bullish. The short-term neutrality on the market would end as price goes upwards by about 150 pips or goes downwards by about 150 pips from here.

USD/CHF: This pair still consolidates. For a directional movement to start, price would either need to go below the supply line at 0.9500 (staying below it); or price would go above the resistance level at 0.9700, causing a bullish signal to be generated. A movement below the support level at 0.9500 would strengthen the overall bearish outlook.

GBP/USD: The GBP/USD traded lower on September 18 – in the context of an uptrend. There is Bullish Confirmation Pattern in the market, which means continuous bullish journey. That means the current (shallow) bearish correction is a good opportunity to buy long at better prices, anticipating further bullish movement.

USD/JPY: The USD/JPY went further upwards on Monday, now around the price level at 111.50. The supply levels at 112.00 and 112.50 could be targeted soon. However, it is expected that price would come down before the end of the week, owing to a bearish outlook on JPY pairs for this week.

EUR/JPY: This currency trading instrument went upwards by another 80 pips on Monday, and it is now testing the supply zone at 133.50. Since the beginning of last week, price has gained about 360 pips and it could gain more pips. On the other hand, a meaningful reversal is expected before the end of this week.

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