Here’s the market outlook for the week:

Dominant bias: Bearish
The market went sideways from Monday to Wednesday and moved further south on Friday (in the context of a downtrend). The bearish movement would continue this week, owing to a bearish outlook on EUR pairs for the week. Thus, price would test the support lines at 1.1600 (which has been nearly tested), 1.1550 and 1.1500. The resistance lines at 1.1700 and 1.1750 ought to do a good job limiting rally effort.

Dominant bias: Bullish
Although this pair did not move seriously last week, it was able to maintain its bullishness. On Friday, price closed above the psychological level at 1.0000 - ready to go higher from there. The outlook on USD pairs is bullish (most USD pairs would move slightly or significantly upwards) this week, and this is what enable the pair to go further upwards; as well as the expected weakness in EURUSD. Thus the resistance levels at 1.0050, 1.0100 and 1.0150 would be tested this week and next week.

Dominant bias: Bearish
This instrument went upward from Monday to Wednesday, gaining 160 pips and testing the distribution territory at 1.3300. Further bullish movement was rejected at that distribution territory, as price plummeted on Thursday, losing 250 pips and reaching the accumulation territory at 1.3050. The accumulation territory (though it has done a good job to prevent further fall), would give way as price aims for other accumulation territories at 1.3000 (a strong territory), 1.2950 and 1.2900. The outlook on GBP pairs is bearish for this week.

Dominant bias: Bullish
On October 30, USDJPY went downwards, but it rallied on October 31 and then consolidated for the rest of the week. There are demand levels at 113.00 and 112.50, which should try to impede a bearish bias from forming. The market could go upwards this week, reaching the supply levels at 114.50 and 115.00 (and even exceeding that). As long as USD is strong, a vivid pullback may not happen on the market.

Dominant bias: Bearish
In the context of a downtrend, this cross rallied 160 pips, after testing the demand zone at 131.50. The rally has turned out to be a good opportunity to sell short at slightly higher prices, for price has started coming downwards from the high of last week (133.13), closing below the supply zone at 132.50 on November 3. As long as EUR is weak, this cross would be having difficulty going upwards. In fact, price may go southwards more than 150 pips this week.

Dominant bias: Bearish
Price is bearish in the short-term, and neutral in the long-term. Just like GBPUSD, it went upwards by 270 pips from Monday to Wednesday, topped at 151.92 on Thursday, and then dropped like stone (310 pips). There is now a Bearish Confirmation Pattern in the market, and given the bearish outlook on GBP pairs, GBP/JPY is more likely to drop further than to rally significantly this week. The next targets for bears are the demand zones at 149.00, 148.50 and 148.00.

This forecast is concluded with the quote below:

The elite trader develops a serious approach to the financial markets, weighing risk against potential reward at all times. They hone their craft through detailed recordkeeping, carefully chosen data sources, well-defined trading edges.” - Alan Farley