USD/JPY Touched Resistance Channel/Trendline

Above is USD/JPY 4 hour chart. Strong buying at 90.20 area sent the pair back to its previous level around 91.60 before closing below 50 EMA and within the downtrend channel. 15 minutes to candle close, the pair seems to trapped between the channel and a broken trendline below. Volatility is low until a breakout occurs. 91.72 (50% Fibo) could trigger another selling if the pair breaks the resistance trendline. I the opposite, USD/JPY should test 90.20 support again.

1st Target Reached, 146 Next

Above is GBP/JPY 4 hour chart. The pound lose further since my last post and reached 1st target at 149.4 area, 149.44 to be precise. The bearish movement could continue today following the trendline break (see chart). However, the pair must close below 149.40 support first. Furthermore, 161.8% extension of the last movement (1-2-3) is near the second target mentioned in previous post, which is around 146. See the screenshot for support levels. Happy trading :)

Cable Outlook Update

Above is GBP/USD 4 hour chart. The pair did not resume its downtrend and forced me to cut loss my short position :( The pair did make a lower low at 1.6113 but the rallied to a 6-days high at 1.6413. The pair also broke 2 trendlines in the process. It tested the support-turns-resistance trendline for fourth time before closing at 1.6390 last Friday. The analysis still suggest bearish outlook as long as the resistance trendline holds. Ok, the market wil be open in a few minutes. Happy trading!