Hello Traders,
Welcome to another beautiful week.
The market has some great setups lined up, but before we go any further, I want to ask…
How was your last trading week?
Mine started very slow and I ended up closing with a tiny bitty loss.
I virtually scavenged the market all through the week, hopefully, this week will be better.
That said, let’s see what the market has for us this week.
1. GBP/JPY
The market closed last week with the Bears dominating the GBP/JPY pair.
On the 4 hours chart price is resting on a key support level (132.061), and if we go by our bias, you will agree with me that price will most likely resume it’s bearish move to the next possible support level (130.676)
Let’s not also forget that we could get a slight pull-back before price continues falling, so ensure you are not caught entering such a trade too early.
2. EUR/JPY
On the daily chart of the EUR/JPY, support level 119.796 is already compromised and all we should be looking out for is a bearish entry point.
If we are lucky the market gives a pull-back before heading to the next possible support level (118.459), then we can get a good risk/reward ration taking this trade.
3. NZD/JPY
NZD/JPY is currently resting on a key support level (68.441)
If the Bears are strong enough to break the present support level, we could see price hit 67.250 as the next possible support level
However, there is also a possibility of price bouncing back to resistance level 69.966 when the market resumes.
Waiting for confirmation before entering such trades is paramount
4. GBP/CHF
GBP/CHF closed last week hitting a strong support level (1.17470)
I call this setup a 50/50 setup because we could see price bounce back to a minor resistance level 1.19078 before a bearish breakout of 1.17470 which could take price further down to support level 1.13149.
There is also a possibility that price could return back to resistance level 1.22027 after breaking 1.19078.
Patience should be our watchword this week as we take our trades in the market.
What are your views?
Kindly comment below
Do have a pip-full week ahead
