Euro Yen – EUR/JPY continue to decline lower after price rejected its 128.40 resistance level as we expected in our 25th October 2018 Market Outlook. Traders who went short as we recommended may consider continue holding onto the short position with a trailing stop behind as price is likely going to continue with its decline in the coming days. Traders who missed the shorting opportunity may still hunt for potential short setups especially if price pullback into resistance level.
Gold – Gold rejected its 1240.00 resistance level last Friday which could potentially lead price lower into its 1212.00–1205.50 support area before continue to rally higher. Given that the long term trend is still bearish, traders may consider shorting this market to ride on the bearish trend.
Norwegian Krone – USD/NOK continue to rally higher after price breakout above its 8.2770 resistance level which has now turned into a support level. The next resistance level is located at 8.4650 which offer traders good profit margin to trade the long side of the market. Traders may hunt for potential buy setups to jump on the bullish trend especially if price pullback into support level.