Hello traders,
today marks the last trading day of the month of July 2022. Let’s see if we can make it count:
1. AUD/JPY
The ascending trendline on the AUD/JPY is about getting tested for the fourth time.
What do you think will be the outcome?
I believe we may most likely see a bearish breakout of the key support zone, and price hitting the next possible support level (92.632)
But my bearish bias will strongly depend on a bearish confirmation after the support zone is broken. If not, and we get a bullish confirmation around the key support zone, then our next target would be resistance level 94.550, and possibly the next possible resistance zone
2. CHF/JPY
A collapsed narrowing channel can be seen on the CHF/JPY
All we should watch out for is price breaking out below the key support zone. Also for a bearish confirmation after the close of the daily candlestick, and we are good to go.
If all that analysis given above pulls through, then price next target will most likely be support level 138.868
What say you?
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