Good day traders,
Finally we have come to the last day of the trading week.
Let’s see what the market has for us.
1. CAD/JPY
The Japanese yen has been losing steam for the better part of today and this caused major breakouts across the JPY pairs.
The CAD/JPY pair is no different. A breakout occurred on a key level (86.829) of the daily chart. The breakout in my opinion is phenomenal because it occurred at a point where an ascending channel and a horizontal key resistance level intersect.
Such broken resistance levels are good breakouts to trade. The bulls should most likely drive price to the next resistance level (89.183), if the daily candle has minimal thread/shadow sticking out
2. NZD/JPY
If you remember, we analysed NZD/JPY on Wednesday.
From Wednesday till this moment I speak, NZD/JPY has spewed over +130 pips on the up-side. This made price breakout from a second resistance level (74.973).
If the daily candle bar closes with little or no thread/shadow (Marubozu), we could see price hit 76.268 before the close of the market tomorrow.
Friday promises to be a great day. However, like I always plead, trade responsibly and be mindful of Friday’s market… It could be tricky.
If our analysis, has assisted you in any way, leave a comment below and do share our content.
Wishing you a great day ahead, and do have a blast this weekend
