Good day everyone,
Let’s see what’s happening in the market.
1. USD/JPY
There is a resistance breakout (111.326) in the 4 hours time frame of the USD/JPY.
If price maintains this breakout till the 10 pm candlestick is formed, we may most likely see price hit the next possible resistance level (111.864).
If price for any reason breaks through support level (previous resistance level) 111.326 before the 10 pm candlestick, we may need to be patient as the bulls and bears still got a score to settle.
2. AUD/USD
AUD/USD had its 2 pm candlestick close as a bearish reversal, which also aligns with the resistance trendline currently holding price at level 0.71276.
Let’s not forget that on the daily chart, after price broke out from resistance level 0.70956, price found it difficult to continue a bullish trend. This outcome then formed a consolidation on the daily chart.
Our next possible support level is most likely going to be 0.70753
That said, we are done with today’s analysis.
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