Weekly Report(31 Oct - 04 Nov)
The pair rallied to surpass 122.60 level and achieve our targets immediately after the bank of japan intervened in the currency market. Some fluctuations and correction is anticipated , however in general, we think that more upside potential is probable for this week, targeting 130.50. Taking into consideration that breaching 125.20 may delay achieving the suggested upside targets.
The trading range for the week may be among the 122.60 support and 130.50 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
|Recommendation||Based on the charts and explanations above we recommend buying the pair around 125.20 targeting 128.35 and stop loss below 123.95 may be appropriate.|