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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, EURJPY, CADJPY (October 14 – 18, 2019)

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, EURJPY, and CADJPY through October 18, 2019.

Watch the video below, and be sure to scroll down for more commentary and annotated charts.

EURUSD Forecast

Last week was a big one for the EURUSD.

We’ve been tracking this descending channel for several weeks now.

We were also keeping a close eye on that 1.0990 resistance area last Saturday.

I wrote about the potential for a break higher from EURUSD on October 10 and even published a video.

Buyers failed to close EURUSD above the channel top on Thursday, but they got the job done just before the weekend.

From here, I anticipate that buyers will want to defend the confluence of support between 1.0990 and 1.1000 in the week ahead.

A move higher this week would first target 1.1070 with a daily close above that exposing the 1.1200 handle.

Alternatively, a close below 1.0990 would negate the short-term bullish outlook.

It would also open the door to 1.0940 and perhaps 1.0870.

EURUSD breakout from descending channel

GBPUSD Forecast

The GBPUSD put in a massive false break last week.

The pound rocketed higher against the USD in the last 48 hours following the close below the 1.2290 support area earlier in the week.

It became pretty clear that buyers wanted GBPUSD higher once Thursday closed back above 1.2290 and even 1.2380.

For the week ahead, it’s going to come down to whether GBPUSD bulls can keep the pair above 1.2570.

That’s where the pair stalled out on September 20.

If they can keep prices above 1.2570 on a daily closing basis, we’ll see GBPUSD push higher this week into 1.2770.

A close above 1.2770 would expose the next key resistance level at 1.2980.

On the other hand, a daily close below 1.2570 would signal a deeper pullback into channel support around 1.2450.

GBPUSD false break below channel

USDJPY Forecast

I wrote about USDJPY twice last week.

The first was on October 7 when the pair was hovering just above key support at 106.80.

The second post came on Friday just before USDJPY closed above the neckline of what appears to be a 450-pip bullish reversal pattern.

I do expect sellers to defend the 108.45 area this week.

However, as long as USDJPY stays above 108.00/30 on a daily closing basis, I have to respect the potential for a move higher.

A push higher this week would first target 109.00 with a close above that exposing 110.60.

The measured objective for this inverse head and shoulders comes in just above 112.15.

Alternatively, a close below 108.00 would likely negate the bullish outlook.

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USDJPY inverse head & shoulders

EURJPY Forecast

I discussed this EURJPY descending channel on September 19.

We were watching for a close above channel resistance.

However, buyers failed to get the job done. Notice how the EURJPY never did close above the channel top in mid-September.

That rejection triggered a 300-pip decline, which eventually led to a higher low last week.

Thursday’s session closed above channel resistance, which certainly garnered the attention of potential buyers.

For the week ahead, key support comes in around 119.20 with key resistance just above Friday’s close at 120.00.

Be sure to watch the video above to see how this new ascending channel could assist us in the weeks ahead.

EURJPY descending channel breakout

CADJPY Forecast

I haven’t mentioned CADJPY for some time.

The price action has been relatively choppy lately, which caused me to stay away from the pair.

But Friday’s rally changed my view on CADJPY.

As you can see, the pair broke free from a descending channel.

There is even a bullish reversal pattern similar to the one on USDJPY that could become a factor over the next few weeks.

Be sure to watch the video above for all the details.

As long as CADJPY bulls can keep the pair above the 81.20 to 81.80 support area this week, I favor a move higher.

One resistance level to keep an eye on is 83.20.

A daily close above that would expose 84.20. Keep in mind too that the objective here could be as high as 85.20, perhaps even 85.50.

Alternatively, a close back inside the channel below would negate the idea and re-expose recent lows, including the 80.00 handle.

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CADJPY close above confluence area

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55 comments
Justin Bennett says

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Reply
    joseph says

    hi justin , soon l will join in members only, do you teach only higher timeframe ? how about other time frame?

    Reply
said says

good work, justin .good work our mentor

Reply
    Justin Bennett says

    Thank you. Have a great week!

    Reply
Chidubem Aris says

Thank you Sir for your good work.. Am still learning forex trading.. Just one month old on forex.. Still try to have knowledge of it.

Reply
    Justin Bennett says

    You’re welcome. Feel free to ask questions.

    Reply
Joseph franklin says

Thanks for your teachings. I’m not yet knowledgeable enough to say otherwise, but I’m enjoying you.

Reply
    Justin Bennett says

    You’re welcome, Joseph.

    Reply
Kolawole Lawal says

Thanks you so much Justin for your mentorship, i am very grateful. Please, how do i manage swing trading. if am a particular trade and its taking days to start moving in profit direction. I await your reply, many thanks.

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Ahamefula Nwankwo says

Great lessons and insights. Thank you Justin for your handy articles. I am improving much better than I used to trade. Have a great weekend!

Reply
    Justin Bennett says

    Thanks. Glad you’re enjoying the content!

    Reply
Feisal says

Gr8 service. Justin you are great.

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    Justin Bennett says

    Thank you! Cheers.

    Reply
sifiso says

HI there! I am not for the idea of using another trader’s analytics for my trading, because that is exactly how the market maker wants us to be( THE HERD or GROUP MENTALITY). I strongly believe that any analysis should tell the analyst what his competition is doing> my analysis must tell me what most of you are doing and what the smart money is doing. Deciphering what these players are doing gives me my trading plan ,then I execute accordingly( following the smart money). This allows me to remain with the 5% that is constantly making money in the markets.

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    sifiso says

    FOR EXAMPLE…LETS LOOK AT THE EUROYEN CHART PROVIDED ABOVE BY OUR GREAT MR BENNET.

    A typical retail trader just saw the break out from the upper trendline of that descending channel. HE HAS ALREADY MEASURED THAT THIS MOVE SHOULD ESTEND 375 PIPS ABOVE THE BREAK OUT POUNT. HE HAS CONCLUDED THIS BY MEASURING THE PIPS BETWEEN THE TWO TRENDLINES ENCOMPASING THE CHANNEL. HE HAS PROBABLY ALREADY BOUGHT AND PLACED HIS STOP-LOSS (that’s if he knows he should place one) BELOW 118.458( which appears to be the new support price)

    Now, on the other hand ,the SMART MONEY HAS SEEN THIS and he is looking to take advantage of this scenario. HOW? HE WILL WAIT FOR PRICE TO REVERSE BELOW 118.458( market maker stop-hunt), THEN HE WILL WAIT FOR THE MARKET MAKER TO ISSUED HIM A REVERSAL PARTTEN AND JOIN HIM ALL THE WAY TO THE HIGH OF Q4.

    NB! IF NONE OF THIS HAPPENS, THE SMART MONEY PASSES ON THAT TRADE. HE DOESNT TAKE THE TRADE BECAUSE IT DOESNT MAKE SENSE TO AND FOR HIM.

    Reply
      Roy says

      Sir, In the great words of the honorable Mark Douglas. “The trade we take will either work out or it won’t”

      Reply
        Justin Bennett says

        Right! It isn’t that complicated.

        Reply
Satti Savithiri Ramaloo says

good analysis

Reply
Monirul Islam says

No comment here because I believe you are greatest forex treader in the World. thanks a lot

Reply
    Justin Bennett says

    Wow, thanks for the kind words!

    Reply
Vusi Nhlumayo says

Well done !!! I started to watch your videos on YouTube on Saturday

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    Justin Bennett says

    Thanks for watching!

    Reply
Kulwa Shilinde Luchemba says

When I pay lifetime membership I get set up means entry, stop loss and take profit the order that you trade in the market or just weekly forecast as you do?

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Ford P says

Thanks Justin for such a clear analysis. This is not a question. You have often said Friday breakouts are not the most reliable and we have a few of them here. I guess we watch the price action in the coming week to validate them. Cheers.

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    Justin Bennett says

    You’re welcome. You got it!

    Reply
Wahidul says

it was great analysis

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Hoร ng Trang says

Thanks Justin

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    Justin Bennett says

    You’re welcome.

    Reply
muhammad ashraf says

great bro your tips is very powerful for me and others thanks

Reply
    Justin Bennett says

    You’re welcome, Muhammad.

    Reply
Harald says

Justin thank you for this perfect analysis. I always appreciate your work for us all.

Reply
    Justin Bennett says

    My pleasure, Harald. Glad it’s helpful.

    Reply
sifiso says

Hi there! Good traders know when not to trade. We call it folding….we stay flat because price and time do not match, or our risk management criterion says so.

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ITORO EKPE says

Your weekly guide has been of tremendous help to me. I really do appreciate. Its indeed made me a better trader. Thank you

Reply
    Justin Bennett says

    You’re welcome. Pleased you’re finding these posts helpful!

    Reply
Yusuf Kazeem says

Great analysis

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POLA P says

I see you, Justin!

Reply
    Justin Bennett says

    That’s a little creepy. ๐Ÿ˜‰

    Reply
ali says

Thanks for the excellent information that you given us hopefully we can make some money this week sir justin.

Reply
    Justin Bennett says

    You’re welcome, Ali.

    Reply
Muhammad says

Thanks Justin,i am somehow new in forex and am using your great analysis,i hope
all predictions come true.could you add analysis about Gold too?God bless you.

Reply
    Justin Bennett says

    I might talk about gold this week. We’ll see.

    Reply
Muhammad says

Dear Justin,i just wanted to add a question,i am trading in H4,do you have any advice about that time frame?

Reply
    Justin Bennett says

    Feel free to browse the site. There are over 100 lessons here.

    Reply
idogei emmanuel says

thank you.

Reply
    Justin Bennett says

    You’re welcome.

    Reply
joseph says

hi justin , soon l will join in members only, do you teach only daily timeframe ? how about other time frame?

Reply
    Justin Bennett says

    Mostly the daily, but also some on the 4-hour chart.

    Reply
Monyane says

Thanx for the lessons, much appreciated.

Reply
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