Good day traders,
How did your trading day go?.
Did you trade the setups we posted yesterday?.
If you did, I am sure you were able to put some money in the bank.
Today, we have some interesting setups, that may make the rest of the week/month a pip-full one for you.
So, lets get into our charts.
1. GBP/JPY
The GBP/JPY has spent the better part of this week recovering from the bearish Friday candlestick. As a matter of fact, it has almost completely recovered.
The good part is that price has broken out of the resistance level (148.453) the descending channel presented. If price continues this way, we may see price go beyond 149.700 before the week runs out.
However if price gets stuck within the consolidation, we may see price return to level 147.008 by month end.
2. CAD/JPY
Another key consolidation level on CAD/JPY.
Friday’s bearish pin-bar close, had no bearish effect on CAD/JPY overall outlook. Price bounced from the support level 86.851 and currently heading to a second resistance level (87.369).
We will be paying close attention to level 87.369. If this resistance should fail, we should be seeing price reach 88.128 before the close of the week.
On the other hand, if price fails to breakout from the second resistance level, price will either be LOCKED in the present consolidation or we may see a breakout from the support level (86.851), which may send price further down to level 86.508 before the end of the month of September.
