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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, GBPJPY, EURGBP (March 30 – April 3, 2020)

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In this weekly Forex forecast, I’m going to show you exactly how I’m trading EURUSD, GBPUSD, USDJPY, GBPJPY, and EURGBP through April 3, 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 continues to offer incredible opportunities.

First, we had the late February and early March rally that reached our target at 1.1450.

Then came the false break above channel support on March 13th, which closed the April 2017 gap at 1.0724.

I mentioned that area in the March 15th forecast when the EURUSD was trading at 1.1100.

If you saw my March 23rd EURUSD commentary, you know that I was using 1.0750 as the “hinge” for the pair’s future direction.

In other words, a daily close above that area would signal strength.

EURUSD bulls confirmed the close above 1.0750 on the 24th.

From the time the pair closed back above 1.0750 on the 24th to Friday’s close, the EURUSD managed a gain of 350 pips.

So, as sporadic as the chart below may appear, the euro continues to present opportunities at a staggering rate.

For the week ahead, it’s going to come down to whether or not buyers can clear 1.1150/80 resistance on a daily closing basis.

If they can, all eyes will be on 1.1330 and 1.1450.

Key support for the week ahead comes in at 1.1050.

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EURUSD key support and resistance levels

GBPUSD Forecast

The GBPUSD has been on a tear recently.

After reaching an all-time low on March 18th, the GBPUSD has clawed back 1,000 pips in just six trading days.

That’s the kind of market we’re in as moves like this have become the norm.

While I do expect further gains for the pair, especially if it can stay above 1.2380, the technicals here aren’t as favorable as the EURUSD.

Of course, that’s just my opinion.

GBPUSD buyers need to secure a daily close above the 1.2570 to 1.2630 resistance area to expose higher levels.

Key support for the week ahead comes in at 1.2380.

Alternatively, a daily close back below 1.2380 would signal weakness and would also re-expose 1.2200.

GBPUSD support and resistance on the daily chart

USDJPY Forecast

Another currency pair that has seen its share of volatility is USDJPY.

I wrote about the false break in late February, which allowed us to get short for a move to that 105.00 area.

After tagging 101.20 on March 9th, the USDJPY went on a massive 1,050 pip rally thanks to a USD short squeeze.

However, the price action between the 20th and 25th of March hinted at exhaustion from buyers.

I discussed the intraday reversal pattern in the March 25th members-only video.

I also shared my USDJPY short from 111.50 with Daily Price Action members when the pair was still trading near 111.20.

With the pair now below 109.50 and 108.50, I do anticipate further weakness from the USDJPY.

Key resistance for the week ahead comes in at 108.50 with support at 106.80 and 105.80.

I remain short here and will continue to add to my position with each break of key support.

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USDJPY new resistance area

GBPJPY Forecast

The GBPJPY is starting to look appealing.

As of now, the pound is having its way with a strengthening Japenese yen, but that could change in the coming days.

This isn’t something I’m going to trade now, but I am keeping a close eye on the resistance area between 136.90 and 137.50.

Note that the March 6th gap at 137.47 remains open.

If the GBPJPY can close that gap and carve a bearish signal from that region, it could offer an opportunity to get short.

We’ll have to see where GBPJPY opens on Monday to know whether or not the 134.20 area is going to offer support or not.

That’s why I’ve labeled 131.25 as support in the chart below.

In summary, I’m not interested in trading GBPJPY right now, but I do think this is one to keep a very close eye on as we move forward.

GBPJPY resistance area on the daily time frame

EURGBP Forecast

The last time I discussed the EURGBP, the pair was coming off of a potential bottoming pattern.

It turns out that the bottom I called back on February 19th led to a 1,200 pip rally.

That’s a huge move from a currency cross like EURGBP.

Fast forward to today, and it appears we have a false break above a descending channel from the 2019 high.

You can see where the level served as support between the 19th and 24th of March.

The March 25th close below that level near 0.9160 turned that area into resistance.

Furthermore, Friday’s session closed below the 0.9000/10 key area.

Any retest of that region could trigger the next leg lower, perhaps down to the 0.8750 area.

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EURGBP false break on daily chart

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14 comments
Justin Bennett says

Want me to help you become a better Forex trader?

Get a Lifetime Membership to Daily Price Action today and receive access to Justin’s full price action course, dozens of forums with over 3,000 members, daily videos of trade ideas, direct access to Justin, and much more!

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Reply
    Peter OMOTADE says

    I’ve been trying to purchase the member’s only video, all to no avail. Could you please do something about it.

    Reply
    you CHO says

    HI Justin,
    How much is the March lifetime special?
    Cheers

    Reply
Nwoye paschal says

Mr. Justin thank u very much for this weekly videos. Pls can u be my mentor so that I can make PROFIT for once pls

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LAWAL says

you are in the right place
mr Justin is the bomb

Reply
Raymond says

Please how do I go about subscribing for a lifetime mentorship/membership?? I’m very interested.

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Akubue Chukwunwike Edwin says

Your analysis are great and I really admire your style of trading. Pure price action is by far the best way of trading. Thanks man.

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Jastine says

Wonderful analysis.

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Emmanuel idogei says

Thank u Justin. Always helpful following your analysis

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Sunny Nwachukwu says

Your updates have been wonderful sir,but how do you know you always say if the candle closes above a level it continues going up or down. How do you know sir

Reply
Samuel says

Thank you for this week analysis.i really appreciates please.

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ali says

Thanks again for the excellent analysis sir justin please be careful from corona viruses these days I hope you always be healthy among others.

Reply
Kim says

good

Reply
Kaycee says

Thanks Justin. Flowing your weekly analysis has made me a better trader. I think EURGBP could be headed for 0.8490 this coming week.
I am itching for your next week forecast.

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