Kiwi Yen – NZD/JPY fell through its 79.84–79.42 support area earlier this week which now had turned into a resistance level where traders may look for potential shorting opportunity as the momentum is bearish at the moment. We would prefer to see price rejects the 79.84–79.42 resistance level before shorting for a safer entry.
Aussie Loonie – AUD/CAD rejected its 0.9845 support level which could potentially push price higher in the coming days. Given that the overall trend is still bullish, traders may consider buying into this market to ride on the bullish trend. The 1.0077 resistance level may serve as the first target for traders with long positions.
Japanese Yen – Japanese Yen fell into its 118.05 support level as we expected in our 6th January 2016 Market Outlook. Price rejected its 118.05 support level after price fell into the support level. Price could potentially pullback to its 120.36–120.13 resistance area before moving lower. While if price breaks the 118.05 support level, we are then likely going to see price decline into its next support level at 116.50.
Posted on 2016-01-08 06:30:03