Hello traders,
let’s hit the charts before we run for the weekend.
1. EUR/JPY
EUR/JPY is strongly bullish on the daily time frame and on the 4-hour time frame, we can see that resistance level 129.555 is a minor resistance level that may weaken the bulls for a bit before the move upwards continues.
Friday may present to us a slight pullback which may take price back to support level 129.093, but if the bulls are well motivated and we get a breakout of the current resistance level, then we should be looking at price hitting resistance level 130.148.
2. AUD/JPY
AUD/JPY has a similar setup as EUR/JPY.
If the bulls are aggressive enough and they break resistance level 80.480, then the next bus stop will be 81.326.
Also, remember that price current level is within the golden ratio (61.8% and 50.0%) of the Fibonacci retracement levels, hence there is a tendency for a pullback which may send price back to support level 79.811 before price continues its journey to the North
What say you?
For those who are interested in joining our FREE trading group on Telegram, where trade ideas and trade-related topics are discussed, which could assist your trading career while being infected by positive vibes
hit us on Pip Crafters
