Japanese Yen – USD/JPY pullback to its 123.93 resistance level after the massive sell-off we had on Wednesday. The short term momentum is bearish at the moment thus traders may consider selling short at the 123.93 resistance level. Price is likely going to continue to move lower in the near term and may retest its key support area at 122.01–121.79.
Aussie Yen – AUD/JPY rejected its 94.56 support level yesterday showing there are buyers accumulating positions at the support level. However this support level isn’t strong as price isn’t moving in a clear direction but chopping around thus traders who have long positions or intend to buy into this market may need to be more cautious on their stops. If price bounce off away from this support level, we could see price rally into its 97.27 resistance level in the near term.
Norwegian Krone – Besides the major currency pairs, the exotic pair USD/NOK is offering potential buying opportunities for traders to profit from. USD/NOK performed a strong rejection at the 7.7111–7.6698 support area which could potentially lead price higher in the coming days. Traders may consider buying into this market and have the first target at 7.9859–7.9567 resistance area. If price breaks the 7.9859–7.9567 resistance area, we are then likely going to see price rally even further in the coming weeks.
Posted on 2015-06-12 06:30:09