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12th July 2018 Market Outlook


Silver – Silver decline lower after price rejected its 16.30–16.20 resistance area as we expected in our 4th July 2018 Market Outlook. Traders who went short as we recommended may consider scale out the position at current price level to lock in profits while leaving the rest to run further with a trailing stop behind.

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Euro Yen – EUR/JPY rally higher after price pullback into its 130.00 support level and rejected it as we expected in our 11th July 2018 Market Outlook. Traders who went long as we recommended may consider continue holding onto the long position with a trailing stop behind as price is likely going to continue its bullish moves in the coming days.

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Japanese Yen – USD/JPY rally higher after price breakout above its 111.10 resistance level. Given that the trend is still bullish, traders may consider buying into this market to jump on the bullish momentum. Traders may also wait for price to pullback into 111.10 support level (Previous resistance level) before buying into this market for a more favorable risk:reward trade.

USDJPYrDaily

Posted on 2018-07-12 06:30:08

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