Hello Legendary traders,
Hope your day went well?. So, I have been looking forward to analyzing two promising pairs with you guys.
Let’s jump right into our charts, and see what opportunities lie ahead.
1. AUD/JPY
This dude was analysed on Sunday, you can check it out here . Well, that was then….This is now…, the arrival (In Wyclef’s voice)
AUD/JPY is finally breaching the support level at 82.369, and the close of the 11pm candlestick should give us a clearer direction on where this pair will be heading to.
If the candlestick closes this way, we should be expecting the bulls to do their thing by taking price to the next resistance level (83.849). If a bearish pin-bar is formed after the 11pm candlestick is formed, the bears should should have a hard time wrestling with the bulls. This may cause a consolidation around the current resistance level.
2. GBP/JPY
GBP/JPY is currently breaching a key descending resistance level (148.642). Yesterday’s candlestick also broke out from a 50% Fibonacci retracement level. This is what I call DOUBLE IMPACT (Remember that Van Damme movie?)
Anyways, patience would be required to see how the 11pm candlestick closes. A clean breakout should take price on a bullish move to the next Fib level (61.8%). On the other hand we could see this pair pulling off a bearish reversal.
If a reversal occurs at this point, we should be seeing price locating it’s next support level, which is also the previous Fib level (38.2%).
NOTE: PATIENCE PATIENCE PATIENCE is the watch word here guys.
Thanks for hanging on all through our analysis.
We would be grateful if you share and comment.
Do have a grand day ahead.
