Hello Traders,
Welcome to the world of the Japanese Yen.
The Yen has sprinkled its magical dust on some pairs and I am sure traders all over the world would be looking forward to see how these pairs will play out when the right opportunity presents itself.
Without further ado, let’s head straight to our charts and see whats popping…
1. AUD/JPY
AUD/JPY on the 4 hours has price resting on a key support level (79.159) for the 5th time.
Do you think the support is strong enough to hold such weight for the 5th time?
Well, it’s not for us to judge that, but allow price do its thing as we observe.
If a breakout occurs at this support level, there is a huge tendency to see price drop to the next possible support level (78.612).
If on the other hand the support level stands true to its name (which I doubt), price could bounce off it and revisit resistance level 79.620.
2. CAD/JPY
CAD/JPY is also another juicy setup to look out for.
Price is locked within a pennant, and hitting a key support level (83.409) for the 4th time.
Could this be a breakout?
Well, if it is, we should be eyeing 82.808 as the next possible support level. Let’s also note that a reversal at this point should send price back to a familiar resistance level (83.749)
3. CHF/JPY
Another pennant on CHF/JPY.
There is a higher tendency for a reversal to occur at the current support level (111.047) than the previous two we talked about.
Would you agree?
Let’s ensure we keep our eyes peeled on this pair too. A reversal should encourage the bulls to take price back to resistance level 111.746.
A breakout may also encourage the bears to take price to next possible support level, which would be 109.834.
Ensure you do your own assignment on each of these pairs because.
- All the setups won’t move at the same pace when the action begins. So you may want to be in the trade that has a better movement
- All the setups may not necessarily move in the same direction IMMEDIATELY. And
- All the setups have different daily range.
That’s where intuition and experience comes in as a trader.
I wish everyone a great day ahead and if you love what we do, subscribe, share our content and we would also love to see your comment below.
What are your thoughts regarding these pairs?
