Hello Traders,
How has your trading week been?
Please don’t mind my absence, I have been finding it difficult getting good setups this week, I don’t know if you have been experiencing something similar.
Luckily today I spotted a few setups which may benefit us if they play out tomorrow.
Let’s hit the charts…
1. USD/JPY
USD/JPY started a strong bearish run today, only to get stopped by support level 104.910.
Personally I will be waiting to see if the Bears will continue their move today/tomorrow to the next possible support level (104.188) before I join in.
2. GBP/JPY
For the past 4 days, GBP/JPY has been locked within a range.
A bearish breakout through support level 135.563 will most likely encourage more sellers to push price down to 133.946, and a bullish breakout of resistance level 136.543 may also encourage buyers to pull price to 138.165.
3. CHF/JPY
CHF/JPY is currently testing support level 115.507
A bearish breakout will most likely encourage a further downward move to the next possible support level (114.307)
Let’s also be wary, for the Bulls may just be lurking around the present level, waiting to take price back to resistance level 116.288
What say you?
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