09.07.201212:41 Forex Analysis & Reviews: EUR/JPY - Elliott Wave Analysis for July 9 - 2012

EUR/USD: This pair lost some of the gain made on Monday. However, the bullish bias is not yet over, until the support line at 1.0950 is crossed to the downside. In case the bullish attempt is resumed, the resistance line at 1.1100 would be tested again. It could possibly be breached to the upside.

USD/CHF: This currency trading instrument went above the resistance level at 0.9650 briefly and later moved below it. In order for the current bullish bias to continue making sense, the resistance level should be broken to the upside again. Another resistance level at 0.9700 is the target for bulls this week.

GBP/USD: The cable succeeded in going upwards so far this week. This upward movement has resulted in a Bullish Confirmation Pattern in the market and the price could go further upwards, reaching the distribution territories at 1.5650 and 1.5700. Unless the accumulation territory at 1.5500 gets broken to the downside, short trades would be irrational on the cable at present.

USD/JPY: this market should be abandoned right now until there is a clear directional movement. There are mixed signals in the market and this could be obfuscating, but things would become predictable soon.

EUR/JPY: the market is bullish, and long trades make sense right now. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level of 50, showing the bulls' domination. It is projected that bulls will aim for the supply zones at 137.50 and 138.00, but this would be possible only after the supply zone at 137.00 gets first broken to the upside.