Pound Yen – GBP/JPY is making its way back to its 184.45–183.90 support area which traders may hunt for buying opportunities. If price pullback and rejects the 184.45–183.90 support area, traders may then consider buying into this market as the short term trend is bullish at the moment. As long as price remains above the 184.45–183.90 support area and do not print lower lows and lower highs, we remain bullish bias in this market.
Aussie Yen – AUD/JPY rejected its down slopping trend line on Wednesday which could potentially lead price lower in the coming days. Traders may consider shorting this market as price might decline into its 84.98 support level in the coming days. On the other hand, if price breakout above the trend line, we are then likely going to see price retest its 89.33 resistance level in the near term.
Euro Pound – The trend in EUR/GBP is still bearish and we have a strong bullish rejection yesterday which could push price back into its 0.7195 resistance level. Since the trend is bearish, conservative traders are recommended to wait for price to pullback into the 0.7195 resistance level before shorting while aggressive traders may look to buy into this market for a short term counter trend trade.
Posted on 2015-11-06 06:30:03