Want more price action setups? Join our Exclusive Member’s Community
USDJPY is currently sitting on a major support level at 105.40. Not only is this the year open but it’s also the 50% retracement level from the February lows to the recent high at 110.07.
A quick glance at the 1 hour chart tells me that there are buyers willing to bid at this key support level. However given the recent bearish momentum I would like to see a more substantial signal on either the 4 hour or daily time frame before considering a long position.
USDJPY 1 hour chart
Summary: Watch for bullish price action at 105.40 on either the 4 hour and daily time frames. Key resistance comes in at the recent highs around the 110 handle.
NZDUSD analysis
CADCHF analysis
Want Access to All of the Daily Setups?
Join the Daily Price Action Member’s Community