Good day traders,
Midweek is here already, let’s waste no time in looking at our charts.
1. CHF/JPY
Looking at the daily time frame, price on the CHF/JPY has finally made a move across the resistance level (111.568).
There is a tendency for this pair to start a bullish move to the next resistance level (112.110), but we need to be cautious as the daily candlestick could still close below the broken resistance level later today.
If the daily candlestick closes below the present resistance level, we may see the Bears take price back to support level 110.600.
2. USD/JPY
USD/JPY struggled all through yesterday from falling below support level 111.254.
The 11 pm bullish candlestick formed yesterday shows that there is an opportunity for us to see the bulls take price today to the next possible resistance level (112.075).
I would not necessarily call this a high probability trade, due to its setup, so if you are interested in taking it, apply decent money management principles.
Thanks for giving us your time, and we would appreciate if you comment below what your thoughts are regarding these setups.
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Wishing you a pip-full day ahead.
