Category Archives for Daily Forex Setups

USDJPY Shorts Favored Below 108.00

USDJPY five year trend line on the daily chart

On Sunday we looked at where USDJPY bulls might run into trouble this week. The 107.30/80 area marks former trend line support from the September 2012 low. I first commented on this level during the February 13 session. The bottom portion of that range between 107.30 and 107.80 is the 2017 low. It’s an area […]

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GBPUSD: A Way to Capitalize on Pound Strength or Weakness

GBPUSD channels on the 4-hour chart

Over the weekend I discussed how the GBPUSD is likely in need of a pullback before the next leg higher can begin. The same goes for the EURUSD. Both pairs are trending lower to start the week with the GBPUSD off of Friday’s close by 60 pips. Buyers didn’t quite make it back to the […]

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GBPJPY Sellers Put Wednesday’s Bounce to the Test

GBPJPY key support and resistance

The GBPJPY has continued its descent this week following the February 7 break below trend line support. I mentioned this possibility just 48 hours before the pair broke below the 152.50 area. I entered short at 153.45 and remain in that position at the time of this writing. I also commented on the entry in the […]

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EURJPY: Keep an Eye on 134.50

EURJPY rising wedge on the daily chart

On January 23 I discussed how I believed the EURJPY to be topping out near 136.60. Eight trading days later, the pair carved a high of 137.50, a level that’s nearly 500 pips above today’s price. Then on February 8, the Euro cross fell below rising wedge support at 134.00. Less than 24 hours after […]

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EURNZD Inches Closer to the Edge

EURNZD ascending channel on daily time frame

One week ago I pointed out a way to trade a possible change in direction in the EURNZD. The first chart in that commentary illustrates the first lower low since February of last year, a sign that buyers are tiring. The second chart in last week’s post shows an ascending channel on the daily time […]

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USDJPY at Risk of Larger Breakdown Below 107.30

USDJPY key support and resistance

The USDJPY is plummeting today following another round of safe haven bids. This is something I’ve been discussing for weeks with regard to pairs like the EURJPY and GBPJPY. Another yen cross we looked at just last week was the AUDJPY. For those who kept track, you know that the pair just retested and sold […]

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EURGBP Range to Produce Breakout Opportunity

EURGBP range on the daily chart

I haven’t discussed the EURGBP for quite some time. The consolidation that began last October has kept me on the sideline in search of other more favorable technicals. However, the Euro cross is nearing a point where things could get interesting. The four months of consolidation has carved a descending wedge pattern that could offer […]

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AUDJPY: Downside Pressure to Intensify Below 85.40

AUDJPY new resistance area

Over the weekend I discussed how a close below the 87.20 support level on the AUDJPY would intensify the selling pressure that’s been building since late January. However, I was more interested in a break below the confluence of support at 85.40. Here’s what I wrote: From a technical perspective, 87.20 is significant, but the […]

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EURJPY Bulls Lose Key Handle as “Risk Rally” Unwinds

EURJPY break of rising wedge

On January 23 I made a bold call. I wrote that the EURJPY had likely carved a multi-year top at 136.60. The idea was based on a simple Fibonacci study and the rising wedge pattern that began last August. Fast forward to today and it appears I was off, but only by 90 pips. While I […]

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GBPUSD Reacts to 1.4070 as New Resistance

GBPUSD range on the daily chart

The GBPUSD has some of the best technical levels around at the moment. On Sunday I pointed out two handles that would be key should the pair continue to weaken as it did on Friday. A pullback was my base case here given last week’s price action. Here’s what I wrote on Sunday: The fact […]

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