Good day legendary traders,
How has your trading week been so far? I hope great.
Let’s quickly see if we could turn these setups into some money in the bank
1. GBP/JPY
GBP/JPY on the daily chart, gave a false breakout on Friday.
This week the pair resumed with a huge bearish move. One thing to note is how the pair will react when it hits support level 143.736.
A breakout may most likely take price to its next possible support level (141.080) and a bounce off the support level(143.736) will take price back to resistance level 145.368.
2. USD/JPY
USD/JPY finally showed a bearish confirmation on a support breakout (110.854)
What we may be expecting now is a slight pull-back before the bears kick in and take price to the next possible support level (109.674).
If the 1st support level doesn’t hold price, we could be looking at another bearish move by price to the second support level (109.674).
3. USD/CAD
Today, USD/CAD on the 4 hours chart bounced off support level 1.34151
The pair finally hit the roof (1.34887) of a pennant. If the 2 pm candlestick closes with a doji or bearish pin-bar, we should be warming up for the bears to take price back to support level 1.34321.
If in any case, we experience a resistance breakout, resistance level 1.35170 should be the bulls next stop.
Thanks for giving me your time ladies and gents. Tomorrow is another date.
Kindly comment if you have contrary views.
