Good day traders,
How has January market been so far?…
Well, if I may add, it’s been quite slow, which is typical for January’s, while experiencing low liquidity, let’s see how we could scavenge for some pips.
1. USD/JPY
USD/JPY is currently struggling to break through a key resistance level (108.976), will it succeed?
Price has continuously reversed anytime it touches this descending resistance line. What we should be looking out for is a bearish reversal signal, irrespective of the indicator you may be using. If the reversal holds, we should be eyeing level 106.964 as the next possible support level,
Let’s not forget that this pair also has the propensity to break the present resistance level. It’s an important thing to note. If the breakout occurs, we should be looking at level 109.740 as the next possible resistance level.
2. EUR/JPY
EUR/JPY on the daily chart looks more like USD/JPY.
The present resistance level (124.814) is been revisited for the third time. More so, a consolidation of price around the key resistance level shows that the buyers and sellers are still slugging it out.
Note too that this same resistance level is a very important resistance level on the daily time frame. In my opinion, it may take a nuclear warhead to destroy this resistance level. If the bears win the battle, we may most likely see price level 122.024 get hit.
If a breakout occurs, we should see price level 125.520 as the next resistance level (Which I pretty much doubt it happening).
Alrighty, that’s what we have for today, comment, share and subscribe if you dig what we doing.
Do have a great day ahead
