Forex Forecast: Pairs In Focus - Sunday, Mar. 7

US Dollar Index weekly chart

USD/JPY

This major currency pair printed a strongly bullish weekly candlestick which closed at a 6-month high price on Friday near at the top of its weekly range. These are bullish signs, with the Japanese yen also acting as a generally weak currency in recent weeks. This Forex currency pair looks somewhat likely to rise further but may well struggle to get any higher once it begins to approach the major psychological round number at 110.00.

USD/JPY weekly chart

EUR/USD

We saw a strong, relatively large bearish candlestick in this currency pair last week, closing near the low of its range. This is the lowest weekly close in over 3 months. The price getting established below the 1.1950 area is technically significant for bears. These are all bearish signs, and it is somewhat likely that the price will continue to fall over the coming week.

EUR/USD weekly chart

Bottom Line

I see the best likely opportunities in the financial markets this week as being short of EUR/USD and long of USD/JPY (FXE, UUP, FXY).

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