Hello Legendary,
Some great setups are lined up for our trading pleasure. That said, I can’t say if they will be tradable considering the fact that these setups are on the daily chart and secondly, they are not yet 100% ready to trade (In my opinion).
Without further ado, let’s hit the charts…
1. EUR/JPY
EUR/JPY is currently bearish, however, we should be expecting price to slow down a bit as it reaches a key support level (118.855).
If the support level gets broken this week, we could see price continuing its bearish move to the next possible support level (117.083)
On the other hand, if support level 118.855 acts as a springboard, we could also see buyers come into the market to change the direction of the flow. This will most likely take price back to resistance level 121.369.
2. CAD/JPY
The CAD/JPY has been slowly descending since the beginning of the week to hopefully it’s supposedly targeted support level 81.630.
Price bouncing off that support level will most likely take price back to resistance level 83.090 and if price breaks through support level 81.630, we may most likely see price hit 80.034 as the next support level.
NOTE: Remember, both setups are on the daily time frame, we may need to exercise enough patience for them to materialize
That’s all for today folks, I wish you a beautiful day ahead.
