Hello Traders,
Happy new month.
We are just a few weeks away from the Ember months.
Just in case you don’t know. In Nigeria, prayers are intensified between the months of September to December. The fear of losing people to the other side of life is real.
Anyways, as traders, we may just start intensifying our prayers in order to increase our account size through profitable trading (hahaha)
Alrighty, let’s see what the charts have for us this Friday…
1. GBP/JPY
Finally on the daily chart of the GBP/JPY, a very important support level (132.148) that is over 6 months old got broken.
This is not a full confirmation that bears will roll into the market yet. However, today’s close of the daily candlestick will minister to us.
If a bearish market is confirmed, we should be looking at support level 128.932 as the next bus stop.
That said, we also need to apply a level of caution if we are taking this trade, simply because of the weekly candlestick which seems overextended.
2. CAD/JPY
Last week, I personally had some nasty dealings with the CAD/JPY and its indecisive moves.
Today the CAD/JPY is flirting with the support level 81.811.
A breakout should pull the market down to the next possible support level (80.934) and a reversal may most likely result in price getting trapped between the 81.811 – 82.576.
Remember it’s tricky Friday, my advice is always don’t get greedy.
It’s easy to brood over moves you missed in the market, but it’s harsher to accept the fact that you should have stayed out of the market when your guts told you to
Thanks for staying tuned to our analysis every day, all week. Join us again next week Sunday for a review of what will be going down in the forest of currencies.
Do have a fab weekend.
