Aussie Yen – AUD/JPY fell lower after price hit the 86.18 resistance level and is making its way back down to the 83.37 support level as we expected in our 29th January 2016 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position with a trailing stop behind and have their first target set at 83.37 support level.
Pound Loonie – GBP/CAD fell into its 1.9894 support level after price rejected the 2.0359 resistance level as we expected in our 22nd January 2016 Market Outlook. Price is now making its way back into its 2.0359 resistance level again and could potentially offer another shorting opportunity in this market.
Pound Yen – GBP/JPY rejected its 175.76–174.84 resistance area yesterday which could potentially push price lower in the coming days. Given that the overall trend is still bearish, traders may consider shorting this market to ride on the bearish trend. The next support level is not found until 167.61 support level which offer traders great decent profit margin to trade the short side.
Posted on 2016-02-03 06:30:15