Forex Forecast for EURUSD, GBPUSD, USDJPY, EURJPY, AUDJPY (January 27 – 31, 2020)
Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, USDJPY, EURJPY, and AUDJPY through January 31, 2019. Watch this video before trading these currency pairs!
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Weekly Forex Forecast for January 27 - 31, 2020
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The EURUSD broke out of consolidation last week.
It’s a breakout we’ve waited for since I wrote about this terminal pattern late last year.
You can also see what appears to be a head and shoulders pattern here.
The GBPUSD is less appealing than its euro counterpart.
That’s because of the key support levels that lie just below Friday’s close.
Notice how we have a trend line that extends from the November 2019 low as well as the ascending channel support from the 2019 low.
We looked at the USDJPY on Thursday.
In that post, I mentioned how additional losses for the pair seemed likely given the broader downtrend as well as what was occurring with other yen pairs.
Namely, the EURJPY, AUDJPY, and CADJPY.
The EURJPY confirmed our suspicions last week.
I first discussed this ascending channel on January 6th.
We also reviewed the same pattern in last week’s Forex forecast video.
AUDJPY is another yen pair that is setting up for us.
I discussed the pair on Tuesday, and whether or not the channel below would play out like the one that developed in early 2019.
If it does, we could be looking at a selloff of 300 to 400 pips.
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#EURUSD #GBPUSD #USDJPY #EURJPY #AUDJPY #Forex
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