Hello Traders,
Let’s hit the charts…
1. GBP/JPY
Price on the GBP/JPY has hit a key resistance level (151.989), which may signify the end of a pull-back.
For the more conservative traders, waiting for the close of the daily candlestick would be a good decision before making a decision to join the sellers (if our bearish bias still holds)
For the less conservative traders, if the bearish engulfing candlestick on the 4-hour time frame appeals to you, you may also join the sellers.
2. AUD/JPY
The bears on the AUD/JPY seem to become bolder every single hour that passes by.
If we do get a breakout, the bears may most likely pull price down to the next possible support level (83.580)
We should also watch out for a reversal (which may be highly unlikely though)
If that happens, price could return back to resistance level 84.643.
What say you?
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