Japanese Yen – USD/JPY continue to decline lower after price rejected its 108.20–107.50 resistance area as we expected in our 22nd February 2018 Market Outlook. Price is approaching the 104.20 support level which may serves as the first target for traders to scale out the position and lock in profits. If price is able to breakout below its 104.20 support level, we are then likely going to see further decline coming into this market in the coming weeks.
Silver – Silver continue to moves sideway and price is approaching its 16.97–16.85 resistance area. If price pullback into its 16.97–16.85 resistance area, traders may then consider shorting this market as price could potentially decline lower after this. Ideally we would prefer to see some price rejections or any other form of confirmations before shorting this market for a safer entry.
Pound Loonie – GBP/CAD is showing some weakness over the last few days. If price pullback into its 1.8000 support level, we are then likely going to see price bounce off its 1.8000 support level and rally higher. There’s no immediate resistance level above which offer traders massive profit margin to trade the long side of the market.