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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, EURJPY, AUDJPY (January 27 – 31, 2020)

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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 AUDJPY through January 31, 2020.

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

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EURUSD Forecast

The EURUSD broke out of consolidation last week.

It’s a breakout we’ve waited for since I wrote about this terminal pattern late last year.

You can also see what appears to be a head and shoulders pattern here.

It isn’t the ideal scenario for such a pattern, but notice how similar this recent structure is to the price action in June and July of last year.

Watch the video above for the details.

Going forward, I expect to see EURUSD sellers defend the 1.1070 to 1.1090 region as new resistance.

I’ll remain bearish the EURUSD as long as the pair is below that area on a daily closing basis (using New York close Forex charts).

Key support comes in at 1.0990.

A daily close below that would expose the 2019 lows near 1.0900.

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EURUSD breakdown on the daily time frame

GBPUSD Forecast

The GBPUSD is less appealing than its euro counterpart.

That’s because of the key support levels that lie just below Friday’s close.

Notice how we have a trend line that extends from the November 2019 low as well as the ascending channel support from the 2019 low.

The area between these two levels (1.2950 to 1.3015) could attract buyers on a rotation lower this week.

I also think a daily close below that channel support would be ideal.

It would open the door to lower levels, including 1.2770 and 1.2570.

Until that 1.2950 area breaks, though, the short-term GBPUSD uptrend is intact.

We’ll see if this Thursday’s BOE decision can trigger a breakout.

GBPUSD ascending channel on the daily time frame

USDJPY Forecast

We looked at the USDJPY on Thursday.

In that post, I mentioned how additional losses for the pair seemed likely given the broader downtrend as well as what was occurring with other yen pairs.

Namely, the EURJPY, AUDJPY, and CADJPY.

On Friday, we saw the November 2018 trend line come under pressure again, just as it did on Thursday.

However, Friday’s close wasn’t convincing enough for me to call it a break.

At the same time, it certainly wasn’t a bullish end to the week.

With that in mind, I’m still anticipating a move lower from the USDJPY, especially if the pair closes below the 2018 trend line.

But as I mentioned in today’s video above, the more appealing opportunity may not materialize until the pair closes below ascending channel support.

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USDJPY trend line from the November 2018 highs

EURJPY Forecast

The EURJPY confirmed our suspicions last week.

I first discussed this ascending channel on January 6th.

We also reviewed the same pattern in last week’s Forex forecast video.

Given the repeated retests of channel support, a breakdown at the end of last week was likely.

For the week ahead, I would expect sellers to defend the area between 121.00 and 121.20.

That’s the former ascending channel support, which should serve as resistance going forward.

Key support comes in at 119.20 with a close below that exposing the 2019 lows near 116.20.

EURJPY breakdown from ascending channel

AUDJPY Forecast

AUDJPY is another yen pair that is setting up for us.

I discussed the pair on Tuesday, and whether or not the channel below would play out like the one that developed in early 2019.

If it does, we could be looking at a selloff of 300 to 400 pips.

But first, AUDJPY sellers need to close the pair below ascending channel support, which is currently near 74.20.

That would expose 73.40 and perhaps 72.50.

I also think that any rotation higher this week could encounter selling pressure at 74.80.

Note the December 3rd high and the December 18th low.

The 74.80 level also attracted sellers on October 22nd of last year.

If the other yen pairs are any indication, we could see AUDJPY move lower in the coming days and weeks.

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AUDJPY ascending channel on the daily time frame

Leave a Comment:

27 comments
Justin Bennett says

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Reply
Johannes says

I really appreciate your help me to me

Reply
    Justin Bennett says

    My pleasure. Have a great week.

    Reply
Anas says

Appreciate your assistance.. 👍

Reply
    Justin Bennett says

    Anytime, Anas. Enjoy your week!

    Reply
Emmanuel IDOGEI says

Always on point Justin…thank u

Reply
    Justin Bennett says

    You’re very welcome.

    Reply
andrew says

The H&S pattern on EURUSD would reinforce the Support at around 109?

Reply
    Justin Bennett says

    Not necessarily.

    Reply
Emmanuel says

Mr Justin thanks a lot for your endless effort to put us through in this mkt with your endless update and analysis, thanks a lot and God bless you and your family for that .

Reply
    Justin Bennett says

    You’re welcome.

    Reply
IBRAHIM RABIU says

I have a very serious issue that need fast attention to get me out of the mess am in I needed you quick advice and surport.

Thank you

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    Justin Bennett says

    Feel free to use the contact form on this site.

    Reply
Samuel says

Thanks for this week analysis.i really appreciates please.

Reply
    Justin Bennett says

    Anytime, Samuel.

    Reply
Praise says

waaaooo…..it going to be another busy week (successful) indeed. thanks Mentor for the above analysis. always grateful.

Reply
    Justin Bennett says

    It’s my pleasure. Have a great week.

    Reply
Martin Njeru says

Thanks Justin, Since I joined this latform my trading are getting well. Good trades ahead!Kill the market

Reply
    Justin Bennett says

    You’re very welcome. I love hearing that. All eyes on those yen pairs this week. 😉

    Reply
Emmanuel says

Thanks once again Justin for analysis on yen pairs, S&P500 is also poised to plunge, reinforcing your submission on the pairs

Reply
    Justin Bennett says

    Absolutely! You’re welcome.

    Reply
ali says

I have been waiting for your analysis of this pairs sir justin thank you very much especially eur jpy and usd jpy.

Reply
    Justin Bennett says

    You’re welcome, Ali. Have a fantastic week!

    Reply
Dumisani khumalo says

Mr Justin Bennett I’m gratefully to have you on so far I ‘ve got a clear version
Your Job is osome indeed EURUSD is exacttley you mention on last vidios
Good Job

Reply
    Justin Bennett says

    Glad to have you here. Thanks for commenting.

    Reply
Zaki Ghazalli says

I’d give a thumb up, but I didn’t find the thumb symbol. But I do take notes from your videos.

Reply
Ngo Sy Ha says

thanks you a lot

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