Pound Aussie – GBP/AUD decline lower after price rejected its 1.6720 resistance level as we expected in our 4th August 2017 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position as price is likely going to continue to decline lower in the coming days. Traders may also have the first target set near its previous swing low at around 1.6300 to lock in profits if price moves in our favor.
Japanese Yen – USD/JPY once again pullback into its 111.00–110.90 resistance area which traders may hunt for potential shorting opportunities as the trend is still bearish at the moment. There’s no immediate support level below which offer traders good profit margin to trade the short side of the market.
Aussie Yen – AUD/JPY pullback into its 87.40–87.00 support area last Friday and rejected it which could potentially lead price higher in the coming days. Given that the trend is still bullish at the moment, traders may consider hunting for buying opportunities to jump on this bullish trend and have the first target set near its previous swing high at around 89.30.