23rd March 2018 Market Outlook

Euro Yen – EUR/JPY continue to decline lower after price rejected its 133.10–132.40 resistance area as we expected in our 15th March 2018 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position with a trailing stop behind at previous swing high as price is likely going to continue its decline into our first target located at 128.00.

EURJPYrDaily

 

Aussie Yen – AUD/JPY breakout below its 81.54 support level yesterday. Traders who went short after price rejected its 84.00–83.73 resistance area as we recommended in our 13th March 2018 Market Outlook may consider continue holding onto the short position as the breakout of 81.54 support level could potentially lead to further decline in the coming weeks as there’s no immediate support level below.

AUDJPYrDaily

 

Euro Pound – EUR/GBP pullback into its 0.8690 support level and rejected it yesterday. Since price is still trading sideway and we are at the lower end of the trading range, traders may consider buying into this market as price could bounce off from its 0.8690 support level into its resistance area in the near term.

EURGBPrDaily