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Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.
Just last week we looked at USDJPY. More specifically, we were watching to see how the 108.70 region would hold up as new resistance.
As you can see from the chart below, sellers defended that area last week.
The next key level on our radar was 107.60. This is the January 3rd flash crash close, which is a big deal as we’ve witnessed on other yen pairs.
Thursday’s sub 107.60 close meant the area was likely to attract sellers.
The new resistance level defended well on Friday, and will likely continue to serve as resistance next week.
As for key support on the way down, the year-to-date low at 105.60 is one to watch.
However, due to the volatility on January 3rd, the exact low may differ depending on your broker.
But a look back at the price action from early last year shows that 105.60 is indeed a support level to keep an eye on as we move forward.
Only a daily close back above 107.60 would negate my bearish outlook here.
Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.Read more...
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