Good day traders,
It’s time to consolidate on our profits, and if you are lagging on your weekly targets, let’s see how we could work that up to a break even position or profits.
Let’s hit the charts.
1. GBP/JPY
GBP/JPY is self explanatory. When you view the daily chart, all you see is the bulls spending the last 24 hours destroying all work the bears have labored for.
The bulls came into the market so strongly, that a former strong support level is now a key resistance level. On the 4 hours chart, price is locked within a descending channel.
For traders who are LESS CONSERVATIVE, if the 11 pm candlestick closes with a bearish engulfing formation, a sell should be appropriate.
For the CONSERVATIVE traders, there should be a bearish breakout through level 142.816 before selling this pair. We should be looking at level 141.503 as our next support level.
NOTE: There could also be a bullish breakout through the current descending resistance level (143.402). If that occurs, we should see the bulls take price to the next possible resistance level (144.174).
Hopefully the market should present more setups tomorrow.
Do have an awesome day ahead.
