Euro Yen – EUR/JPY rally higher after price rejected its 128.50 support level as we expected in our 5th July 2018 Market Outlook. Traders who went long as we recommended may consider scale out the position at current price level to lock in profits while leaving the rest of the position to run further with a trailing stop behind. Price is likely going to continue its bullish move into its next resistance level located at 130.00 in the near term.
Aussie Yen – AUD/JPY continue to trade within the range of 84.70–84.10 resistance area and 80.60 support level. Price has been hovering above the 80.60 support level over the last 2-3 weeks. If price breakout below its 80.60 support level, we are then likely going to see a strong decline coming into this market. Traders may also consider shorting this market at the breakout of 80.60 support level to jump on the potential bearish move.
Aussie Kiwi – AUD/NZD decline lower after price rejected its 1.0950 resistance level as we expected yesterday. Traders who went short as we recommended may consider continue holding onto the short position with a trailing stop behind and a more conservative profit target around the bullish trend line as the overall trend is still bullish.