Good day traders,
How did trading go today?, mine was pretty slow, had to close my trades early, with some wee profits. Hopefully we get some liquidity in the market before the week runs out.
That said, let’s hit the charts and see if tomorrow is going to be as opportunistic as Wednesday’s are.
1. NZD/JPY
NZD/JPY has been on a bullish high since last week, even after it broke the descending resistance trend line on level 74.726.
3 day’s after the trend line was broken, this bad boy is about breaking another key resistance line at 75.486. If the current candlestick is completely formed after 11 pm GMT, we should make up our mind on it’s next direction
If the breakout pulls through, we should be seeing level 76.720 as the next key resistance level. If the current candlestick forms a bearish pin-bar, the bears may come in and take market back to level 74.618.
2. USD/JPY
USD/JPY on the 4 hours time frame looks quite enticing.
On the daily time frame, its currently on a bullish move. On the 4 hours chart, we have a key resistance level 113.373 compromised. If we have a clean break after the 7pm candlestick is formed, we could see price go on another bullish run to the next resistance level (113.953).
A reversal at this point could take price back to key level 112.157.
Wishing you a great day ahead
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