USD JPY, “US Dollar vs. Japanese Yen”
At the H4 chart, the USD/JPY pair is trading close to a very strong resistance level, the 8/8 one, at 112.50. if the price rebounds from this level, the market may resume falling to reach the 5/8 one at 110.15.
As we can see at the H1 chart, the pair is also moving close to the resistance are above the 8/8 level. If the price rebounds from the +1/8 level at 112.89, it may resume falling, that’s why one may start selling with the Stop Loss beyond the +2/8 level at 113.28. The downside target is at the 5/8 level from the H4 chart at 110.15.
At the M15 chart, we should wait until the pair breaks the downside line of the VoltyChannel indicator and then may open a short position. The Stop Loss is beyond the +2/8 level from the H1 chart at 113.28; the downside target is at the 5/8 level from the H4 chart at 110.15.
EUR GBP, “Euro vs Great Britain Pound”
At the H4 chart, the EUR/GBP pair is trading close to the 8/8 level at 0.8789 and testing it in both directions. Yet, the price is expected to fall towards the 5/8 level at 0.8606. However, this scenario has to be confirmed by shorter timeframes.
As we can see at the H1 chart, the pair broke a strong resistance level, the 0/8 one, and fixed below it. In this case, the price may continue moving downwards and then break the -2/8 level. After that, the lines at the chart will be redrawn.
At the M15 chart, the pair broke the downside line of the VoltyChannel indicator. We may start selling with the Stop Loss beyond the 1/8 level from the H1 chart at 0.8819. The downside target is at the 5/8 level from the H4 chart at 0.8606.
RoboForex Analytical Department