Sorry for posting this analysis late as I am out the whole day yesterday.
It is not easy to trade these 2 pairs last week as the market is still in a dilemma which way to go and therefore it is better to trade the range for these 2 pairs this week as well.
I am glad to have exit the 2 trades last Friday before the market closed and manage to secure 2 x 60 pips profits each on the EURUSD and USDJPY for my trade copier user.
Once the market opens today, the USDJPY pulls up strongly and if we did not closed it, it will take back all the 60 pips profits. (From the picture below, you can see the 5980 and 6087 profits which are the 60 pips profits.)
The EURUSD has broke above a major resistance on the weekly chart but we have to wait till the next candle shows us whether it has successfully done that.
If the candle manage to close above the old resistance which has turned into a new support, then we can start to BUY the EURUSD.
If the candle starts to pull down and close below the new support, it means that the breakout is not successful and we can look to SELL the EURUSD.
Since it is a weekly candle, it means that we have to wait for a week for it to happen.
Therefore it is very difficult to trade the EURUSD this week as we are not sure which direction it is going to head.
The USDJPY has moved up to test the new resistance formed by the symmetrical triangle.
For me, the USDJPY is being held between the resistance formed by the triangle and the support formed by the major swing low.
Therefore, it seems to me that this pair will continue to move within the range this week.
So I will recommend you guys to trade the range for the USDJPY this week until it makes a major breakout.
If you are interested in joining my trade copier, you can click on the link below for more info