Hey traders,
Let’s see what the charts have for us:
1. USD/JPY
Since January this year, price on the USD/JPY has continuously bounced within the ascending channel. Early March, price broke through a key resistance level (107.095), only for price to return to a key support level (107.791) within the channel
A reversal will most likely send price shoot back up to resistance level 109.186, and if price should break through the current support level, then price may most likely touch support level 107.095
2. CAD/JPY
CAD/JPY today did the unthinkable.
Price went bullish and over 120 pips were spilled within 4 hours.
A descent descending channel can be seen, and all we should be watching out for is a possible reversal confirmation of price which may take price back to support level 85.545 or a bullish breakout of resistance level 86.607, which may further encourage the buyers to push price to the next possible resistance level (87.404)
What say you?
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