Good day great traders,
It’s another beautiful trading week, let’s go straight into our charts.
1. EUR/JPY
EUR/JPY is one pair to watch out for.
Though price is in a descending channel, after price crossed the support level 130.514, it seem not to be able to break the next support level (129.187) into the second horizontal channel.
This is one key support level I will be watching out for. If this support is broken, price should start another bearish run to level 128.555. However if the current support level (129.187) is not broken, we should see price head back to any of the level around the descending channel’s resistance.
Let’s check our second chart
2. NZD/JPY
Looking at the NZD/JPY daily chart, we have a descending channel. At the base of this channel there is a key support area (72.319) which refuse to be broken for over 2 months.
Note that while this key support area rejected price last week Thursday, the bulls/buyers have been unable to break the resistance level (73.357) of a descending channel for the past three days.
If price doesn’t breakout from the key resistance level after the 10 pm candlestick formation, we may see sellers take price down to the former support level (72.319)
With that, we come to an end with today’s analysis.
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