Hey traders,
let’s hit them chart:
1. GBP/JPY
Today we say price break a key support zone (159.780-159.567), and hit the 157.931 support level before the sellers called it a day.
For Thursday I will be expecting two scenarios:
- Price heading back to the previous support zone, which will now be a resistance zone (159.780-159.567), before heading back down to support level 157.931, or price may break the key resistance zone, and head to the next possible 160.965
- Price breaking the 157.931 support level and continuing to the next possible support level (155.966)
2. NZD/JPY
On the NZD/JPY, support level 81.428 is still valid. We may see price return to resistance level 82.415, but I will advice for extra caution if you have intentions of trading this pair because of news release by 3 am on Thursday.
After the news, we can decide if the present support level will still hold price, or if price will break the present support level and hit the next two possible support levels (80.483 and 79.475).
Or if price breaks resistance level 82.747, and head to the next possible resistance level (83.560)
What say you?
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