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Today left little doubt that the holiday slow down is in full swing. With liquidity drains in mind, it’s important to use an extra dose of patience when searching for your next trade setup.
The drain in liquidity can also lead to an increase in volatility, so keep this in mind when evaluating risk to reward and also when setting your stop losses.
The first pair I want to talk about today is EURJPY. As you can see from the chart below, the pair recently broke to the upside of a descending channel that formed between December 8th and December 22nd.
The market was able to break to the upside today and appears to be finding support around the 146.60 area. If the bulls can continue to support this level, we could see a move to the 148 resistance level in the coming days.
Summary: Watch for bullish price action at the 146.60 area. The next resistance area appears to come in around 148 even.
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