Daily Price Action

Category Archives for Free Forex Trade Setups

USDJPY Future Direction Hinges on 108.50

USDJPY feature image for April 6th, 2020

USDJPY bulls are off to a strong start this week thanks to a bounce in equities.

But should you trust the latest rally?

I can’t speak for you, but I’m not rushing off to buy the USDJPY.

The pair is still trading below the trend line that extends from the 2015 high, and it has yet to close above 108.50.

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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDCAD, EURJPY, XAUUSD (April 6 – 10, 2020)

Forecast feature image 4.4.20

The volatility continued last week for the EURUSD.

As you can see, the euro broke several support levels, including 1.1010, 1.0950, and 1.0825.

We’ll have to see where the EURUSD opens on Monday, but that 1.0825 could attract sellers this week.

As for key support, I’d keep an eye on the 1.0725 region.

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EURJPY: Close Below 116.00 to Target 111.40

EURJPY feature image for April 3, 2020

I have been short the EURJPY since March 26th.

The hammer that formed at the 121.15 resistance level signaled the end of an aggressive 500-pip relief rally.

And make no mistake, it was just a relief rally.

I can say that with certainty as the EURJPY has trended lower since early 2018.

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USDCAD: Two Options for Bulls

USDCAD feature image for April 2, 2020

Two days ago I wrote about USDCAD.

I was waiting for a daily close above a descending channel that extends from the year-to-date high.

That structure, in my opinion, illustrates consolidation following the parabolic move from earlier this year.

In other words, it’s a continuation pattern.

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GBPJPY Shorts Favored Below 134.30

GBPJPY feature image for April 1, 2020

The GBPJPY has managed to claw back nearly 1,000 pips since March 18th thanks to a stronger British pound.

However, it’s an uphill battle for the yen cross.

While the pound has been relatively strong in recent days, particularly against the US dollar, it’s fighting against a strengthening Japanese yen.

I discussed the potential for a weaker USDJPY on Wednesday and again on Thursday.

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