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Category Archives for Free Forex Trade Setups

USDJPY Eyeing Breakout Above 109.30

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USDJPY feature

The USDJPY looks ready to break above 109.30.

I talked about the potential for a bullish breakout last week.

The pair has been hovering just below the 2015 trend line, which usually suggests an imminent break higher.

Furthermore, the USDJPY has been on a tear since late-January.

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AUDUSD Confirms Bearish Reversal

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On March 18th, I discussed a potential bearish reversal pattern for AUDUSD.

The pair was coming off a relatively aggressive correction in late February that sent the market 300 pips lower in two days.

Last Thursday’s rejection from the 0.7800 area was enough for me to take a starter (short) position at 0.7790, as I mentioned to DPA members at the time.

I planned to add to my short following a daily close below the neckline near 0.7650.

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GBPUSD Looks Ready for Sub 1.3750 Prices

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Last weekend, we looked at a potential breakdown from the GBPUSD.

I’ve mentioned the idea that the late-February surge above channel resistance looked to be a false break.

As you may know, a false break to one side of a pattern usually triggers an extended move in the opposite direction.

For GBPUSD, that implies a move lower.

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(Video) Weekly Market Forecast for EURUSD, GBPUSD, USDJPY, AUDUSD, and BTCUSD (March 22 – 26, 2021)

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Market forecast feature 3.21.21

The EURUSD has struggled to regain the 1.1950 level as support.

You can see where the pair closed below the area earlier this month.

As long as the euro is below 1.1950 on a weekly closing basis, the idea of a move back to 1.1600 is front and center.

I’m also sticking to the weekly chart for now.

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USDJPY: Keep 109.30 on Your Radar Next Week

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USDJPY feature image

The USDJPY is testing a multi-year trend line from the 2015 high.

The level connects with the February 2020 high, which preceded the March decline that sent the USDJPY 1,000 pips lower.

As you can see, the market is challenging the resistance level today just above the 109.00 handle.

Whether you see today’s retest as a selling opportunity or an upcoming bullish breakout depends on your outlook.

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