Hello Traders,
It’s the last week of the month of February, let’s hit the charts one more time in the month of love.
1. USD/JPY
USD/JPY closed bearish last week, and the attempt for the bulls to take over failed woefully after price tried testing resistance level 105.705 and closed with double bearish pin-bars.
This week what I will be concerned with is how price reacts around the 105.076 support level. Already price has tested the ascending channel support level 4 times, and each time price was rejected, it was less effective.
There is an over 60% probability that we may see a breakout of the 105.076 support level this week. If it happens, our next possible support level would be 104.406
A rejection of price also means price may most likely re-visit resistance level 105.705
2. GBP/AUD
On the GBP/AUD, price exposed the 1.78048 support level.
In my opinion, the current support level is quite weak. This would be the 4th time price is re-visiting the 1.78048 support level in the last month.
If the breakout is confirmed this week, price may fall to the next possible support level (1.76256)
3. CHF/JPY
Last week Friday, I gave a bearish analysis on the CHF/JPY, and the week closed with the bearish analysis playing out, if you missed out on it, check it out here
This week, if we don’t get a gap downwards on this pair, we could ride it to the next possible support level (116.996)
What say you?
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