Daily Price Action

Category Archives for Free Forex Trade Setups

USDJPY Reverses at 108.50; Tests March Open

USDJPY feature image for March 31, 2020

I wrote about USDJPY twice at the end of last week.

I also included the pair in Saturday’s Weekly Forex Forecast video.

Those of you on this website didn’t see it, but I announced my USDJPY short entry from 111.50 in the membership forums last Wednesday.

The pair was already coming off its highs but was still trading near 111.20.

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USDCAD Continuation Pattern to Target 1.50

USDCAD feature image for March 30, 2020

The USDCAD is going through some much-needed consolidation.

Following a 1,150 pip rally that started with the March 9th gap up, the USDCAD has given back 750 pips.

At least that was the situation as of Friday’s low.

Today’s session has the USDCAD higher by 140 pips after a gap up to start the week.

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(Video) Weekly Forex Forecast for EURUSD, GBPUSD, USDJPY, GBPJPY, EURGBP (March 30 – April 3, 2020)

Forex forecast feature image for March 28, 2020

The EURUSD continues to offer incredible opportunities.

First, we had the late February and early March rally that reached our target at 1.1450.

Then came the false break above channel support on March 13th, which closed the April 2017 gap at 1.0724.

I mentioned that area in the March 15th forecast when the EURUSD was trading at 1.1100.

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USDJPY: Further Weakness to Develop Below 109.50

USDJPY feature image for March 26, 2020

I wrote about the USDJPY on Wednesday.

The key takeaway from that post was the consolidation following some massive moves over the last five weeks.

I shared with members my short entry at 111.50 in the forums, and I said the same thing in yesterday’s members-only USDJPY video.

If you aren’t a Daily Price Action member, you may be wondering what prompted me to get short.

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USDJPY: Navigating Consolidation Amid Heightened Volatility

USDJPY feature image for March 25, 2020

Since February 21st, the USDJPY has moved over 2,000 pips.

Sellers confirmed the false break above a multi-year wedge pattern on February 27th.

That sub 109.80 close on the 27th was our cue to get short.

After reaching 101.20 in a matter of days, the USDJPY clawed back everything it had lost in just eight trading days.

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