TGIF Traders,
It has been a rainy and cloudy Thursday over here. what a way to welcome the weekend.
Let’s see what the market has for us this Friday.
1. USD/JPY
Price on USD/JPY has hit the 1st support level (109.674) as we speculated on Wednesday
If the candlestick closes this was, we may see price continue their journey downwards. Although nothing can be guaranteed about price hitting the next possible support level (108.255) since it’s already a Friday.
If the candlestick closes above the current support level, the market may close with price forming a consolidation on the 4 hours chart, around the present support level.
2. NZD/JPY
Price on NZD/JPY is finally resting on a very important support level (72.314)
The last time we saw a breakout of price through this key support level, was two days after the new year.
If the daily candlestick closes with a Doji, we may need another candlestick to confirm the direction price would go next.
However, if we see price breaks the present support level convincingly, we may be seeing support level 70.152 as the next possible support level.
Do have a great weekend, and see you on Sunday for our weekly analysis
