Hello Everyone,
The week is almost gone and I am personally looking for a cheap trade to take before the weekend.
That said, let’s see which of the charts I am eyeing.
1. USD/JPY
USD/JPY seem to be stuck at resistance level 112.111.
After a resistance breakout (111.451) of price last week Thursday, through an expanding descending channel. Price ran out of fuel on getting to resistance level 112.111.
There is no adequate signal to enforce a reversal nor is price showing any form of aggression towards the present resistance level.
I will be waiting to see how today’s daily candlestick closes in order to follow the trend.
A reversal will definitely take price back to support level 111.348, and a breakout through the present resistance level should encourage the bulls to take price to the next possible resistance level (113.663).
Do have a great day ahead folks
