Hey traders,
it’s a brand new week and month. I welcome us into the month of August.
let’s see what the charts have for us this week:
1. USD/JPY
Last week USD/JPY closed with the bears coming in the last few hours of the market.
If the key support zone is broken this week, we may have a confirmation of sellers taking over the market, and price may hit support level 109.356.
If the market resumes with sellers being shy, we could see a bounce of price between the current support zone and 109.820
2. GBP/USD
GBP/USD was rejected at resistance level 1.39810 last week, but price is currently resting on support level 1.38964.
A breakout of price through the current support level would mean a support level to watch out for this week would be 1.38052.
If we do get rejection of price, resistance level 1.39810 will be revisited this week
3. GBP/JPY
GBP/JPY has an ascending channel formation which is very much similar to the previous two formations.
A breakout through the present support level and price may hit support level 151.713, and a reversal of price will most likely encourage the buyers to pull price back to resistance level 153.458
What say you?
For those who are interested in joining our FREE trading group on Telegram, where trade ideas and trade-related topics are discussed, which could assist your trading career while being infected by positive vibes
hit us on Pip Crafters
