Hello Traders,
it’s another trading week for us, let’s see where the pips will be hiding this week
1. GBP/USD
GBP/USD is still maintaining its descending channel from last week.
This week I will be watching out for a strong bearish engulfing candlestick or a bullish candlestick breaking the key resistance level.
If either of those events happens, then support zone 1.34208 – 1.33622 & resistance level 1.38331 will most likely be our next target.
2. USD/JPY
Last week price tested and partially broke the ascending trendline on the USD/JPY that has held for over 2 weeks.
If the bearish breakout is confirmed this week, then our next possible support level would be 114.451.
3. AUD/JPY
The ascending channel on the AUD/JPY from last week still holds this week.
The key support zone is something to watch out for this week. If we do get a bearish breakout, then price may drop to the next possible support level (81.331)
Currently, price is trapped between resistance level 83.246 and 82.675. We also have to be cautious this week because there is also a possibility that price may break resistance level 83.246 and shoot to the next possible resistance level (84.151)
What say you?
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