Forex Forecast: USDJPY, EURUSD, GBPUSD

USDJPY Outlook: The bounce after last week’s massive losses offers better levels to join the bearish market

(Slobodan Drvenica – Windsor Brokers)

The USDJPY regained traction and bounced on Monday after a 5.7% fall last week, as bears lost traction at key Fibo support at 138.62 (61.8% of 130.39/151.94) and ahead of the next key level at 138.14 (base of thick daily Ichimoku cloud).

The rebound was inspired by oversold daily studies and probes above the psychological 140 level, with the formation of a bear trap under 138.62 Fibo support, to possibly boost recovery.

On the other side, a massive weekly bearish candle weighs heavily on near-term action, which would limit recovery and offer better levels to re-enter the bearish market.

Extended upticks should be capped under strong barriers at 143.45/68 (falling daily Tenkan-sen / daily cloud top) to keep fresh bears off multi-decade peak (151.94) in play.

Res: 140.80; 141.16; 142.48; 143.46.
Sup: 138.62; 138.14; 137.70; 135.47.

EUR/USD could reach the 1.0670 level

(Anton Kolhanov)

Weekly forecast (November 14 – 18, 2022)
Uptrend scenario

An uptrend will start as soon, as the market rises above the resistance level of 1.0360, which will be followed by moving up to the resistance level of 1.0670.

Downtrend scenario

The downtrend may be expected to continue, while the market is trading below resistance level 1.0360, which will be followed by reaching support level 1.0131 and if it keeps on moving down below that level, we may expect the market to reach support level 0.9760.

Monthly forecast, November 2022

Uptrend scenario

An uptrend will start as soon, as the market rises above the resistance level of 1.0054, which will be followed by moving up to the resistance level of 1.0367.

Downtrend scenario

The downtrend may be expected to continue, while the market is trading below the resistance level of 1.0054, which will be followed by reaching the support level of 0.9595.

Could GBPUSD drop to the 1.1156 level?

(Anton Kolhanov)

Weekly forecast (November 14 – 18, 2022)

Uptrend scenario

The uptrend may be expected to continue, while the market is trading above support level 1.1612, which will be followed by reaching resistance level 1.1965 and if it keeps on moving up above that level, we may expect the market to reach resistance level 1.2306.

Downtrend scenario

A downtrend will start as soon, as the market drops below support level 1.1612, which will be followed by moving down to support level 1.1156.

Monthly forecast, November 2022

Uptrend scenario

The uptrend may be expected to continue, while the market is trading above support level 1.1438, which will be followed by reaching resistance level 1.1965 – 1.2306.

Downtrend scenario

A downtrend will start as soon, as the market drops below support level 1.1438, which will be followed by moving down to support levels 1.0937 and 1.0392.