Euro Yen – EUR/JPY rejected its 126.85 resistance level yesterday which could potentially push price lower in the coming days. Traders may consider shorting this market as the overall trend is still bearish at the moment. The next support level is not found until 122.20 which offer traders massive profit margin to trade the short side.
Aussie Yen – AUD/JPY rally back into its resistance level as we expected in our 18th February 2016 Market Outlook. Traders who went long as we recommended may consider taking profits at the 86.31 resistance level as price rejected this resistance level yesterday which could cause price to decline in the coming days. Traders may also consider shorting this market as price is likely going to continue to move lower into its 82.00 support level in the near term.
Swedish Krona – USD/SEK is trading within a wide trading range and price is currently sitting above its 8.3230 key support level. If price rejects this support level, we are then likely going to see price trade higher into the other end of the trading range at 8.6400 resistance level. On the other hand, if price breaks the 8.3230 key support level, we are then likely going to see price decline into its next support level at 8.1000.
Posted on 2016-03-15 06:30:57