Happy Sunday Traders,
Going through my charts, I observed that this week may be an explosive one for the Japanese Yen pairs.
Without wasting any more time, let’s hit the charts…
1. EUR/JPY
EUR/JPY closed last week Friday by breaking a key support level (120.931) on the daily time frame.
On the weekly time frame, there is already a huge bearish outlook. If our bearish bias is right, our next possible support level would be 119.215
Personally I will be looking out for a decent pullback of price before jumping into the party.
2. AUD/JPY
AUD/JPY closed on Friday with price retesting an ascending trendline’s support level (74.433) for the fourth time.
On the weekly chart, we already have a bearish outlook which most likely will support the breakout of the present support level.
If our analysis goes according to plan, price’s next support level would be 72.895.
3. CAD/JPY
The CAD/JPY has a striking similarity technical similarity as the AUD/JPY.
All we need is price breaking out of support level 74.433 (which is already weak). Once we get a breakout, then we look out for a confirmation before joining the sellers to our next possible support level (72.895).
That’s all we have for our weekly analysis folks.
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Do have a productive week ahead.
