Daily Price Action
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Price Action Setups: CADJPY, USDJPY and GBPUSD

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CADJPY gave us some great price action to watch today as the pair rebounded higher off of confluent support formed by the horizontal level at 87.70 and the trend line from August 8th. This rebound carved out a bullish pin bar on the daily chart that may be signaling that higher prices are on the way.

From here we expect support to come in at the trend line from August 8th. The next key resistance comes in at the May 2013 highs around 100.90.

Summary: Traders can either enter on a break of the pin bar nose or wait for a 50% retrace. Look for key resistance to come in at 100.90.

cadjpy daily forex chart

USDJPY analysis

usdjpy 4 hour forex chart

GBPUSD analysis

gbpusd 4 hour forex chart

 

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