Hey traders,
Let’s check out some setups to look out for this week.
1. USD/JPY
For close to two months, price has continuously bounced on a key support zone.
The lower lows formed on the USD/JPY since last week may be a clue that the buyers have become tired and we may see a breakout of the key support zone
If the breakout happens, then we could be looking at 112.344 as the next possible support level
2. GBP/JPY
GBP/JPY has been bearish since last week. We can see the angle of the descending channel is quite steep.
Presently price is retesting a former breakout level which is currently a resistance level. If the key support zone is broken, then we have two level price may visit this week.
The first possible support level would be 151.331, and if the sellers are aggressive, price may go further down to the second possible support level (149.254)
3. AUD/JPY
We could be seeing a minor pullback on the AUD/JPY. We may see a reversal after price hits the descending trendline.
If the reversal happens, it may encourage more buyers to take over the market and break the current key support level (83.794), which may lead to price hitting support levels 83.310 and 82.718
What say you?
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