USDJPY – Sell
Looking at the USDJPY price action we see that on the monthly chart (top Right) there is a descending resistance line that the price consistently tests.. This is further proven by the weekly (top left) and daily (bottom right) charts.
The daily chart show a series of rejection of higher levels at the resistance lines as can be shown by the engulfing candles. An entry to consider would be at the closes rejection at the resistance line and a sensible target at the low taking into consideration a stop loss.
USDCHF – Sell
The USDCHF shows us a horizontal resistance line on the monthly chart (top left) with bearish patterns confirming the resistance. The latest confirmation being the bearish engulfing candle that took out three candles the preceding months.
The weekly chart (top right) we see potential continuation of bearish movement as the price attempts to return up above the 200 and 50 MAs. The daily chart (bottom right), shows a horizontal resistance which is very close the 200MA that has been tested twice.
An entry in this market could be a sell to the downside once the hourly chart has a closed session below the 200MA
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