Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, EURJPY, CADJPY (Oct. 14 - 18, 2019)

Watch the latest Weekly Forex Forecast to see how Justin Bennett is trading the EURUSD, GBPUSD, USDJPY, EURJPY, and CADJPY the week of October 14, 2019. Watch this video before trading these currency pairs!

TIMESTAMPS:
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EURUSD - 0:40
GBPUSD - 5:11
USDJPY - 8:28
EURJPY - 11:49
CADJPY - 16:27

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Weekly Forex Forecast for October 14 – 18, 2019
https://dailypriceaction.com/setups/forex-forecast-eurusd-gbpusd-usdjpy-eurjpy-cadjpy-october-14-18-2019/

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EURUSD Forecast
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Last week was a big one for the EURUSD.

The pair closed above the 1.1000 area which should act as support this week.

Resistance on the way up includes 1.1070 followed by 1.1200.

Alternatively, a EURUSD close below 1.0990 would expose 1.0940.

GBPUSD Forecast
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GBPUSD put in a monster false break last week.

Thursday’s close back inside this channel and above 1.2380 signaled that GBPUSD wanted to head higher.

For the week ahead, 1.2570 becomes support.

If GBPUSD buyers can keep prices above 1.2570, we’ll see the pair move higher into 1.2770 with a break there exposing 1.2770.

Alternatively, a close below 1.2570 would expose channel support near 1.2450.

USDJPY Forecast
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Friday’s close appears to have confirmed a 450-pip reversal pattern on USDJPY.

I wrote about this one twice last week.

As long as buyers can defend the 108.00 region this week, the bullish reversal pattern is intact.

A move higher from USDJPY would first target 109.00 followed by 110.60.

EURJPY Forecast
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EURJPY bulls finally cleared descending channel resistance last week.

This is a pattern we’ve had our eye on for some time.

Thursday’s close triggered a Friday rally that retested the 120.00 resistance area.

Keep an eye out for bullish price action around 119.20/30 this week.

CADJPY Forecast
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CADJPY also broke free from a descending channel near 81.50.

In fact, this may even be an inverse head and shoulders.

If buyers can keep CADJPY above 81.20/80 this week, we could see the pair move higher into 83.20 with a close above that exposing 84.20.
The objective for the potential inverse head and shoulders comes in around 85.20.

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