Hello Traders,
Let’s hit the charts…
1. EUR/JPY
EUR/JPY started with a strong bullish move this week, only to be tamed by resistance level 124.666
All we may have to do now is wait to see if resistance level 124.666 will be revisited by price and broken, which may further encourage the buyers to take price to the next possible resistance level (125.214) or
Wait to see if price will break the support level 124.187, which could give the sellers enough confidence to pull price down to the next possible support level (123.587)
2. AUD/JPY
Today, the AUD/JPY went bearish after hitting the resistance level 76.052
Currently, we are seeing price within a previous descending channel, while maintaining a key support level within a consolidation band and an ascending trendline.
A bearish breakout would mean a high possibility of price maintaining it’s bearish fall tomorrow to the next possible support level (74.926)
A bullish breakout through the consolidation band may also give the buyers a go-ahead to take price to a previous resistance level (76.052)
What are your thoughts?
Kindly comment below…
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