GBPJPY left us guessing on Friday after putting in a largely bearish close. However, the pair did finish the week up 82 pips. Right now the pair appears to be resting on the top side of the wedge that has been forming since early this year. The GBPJPY is known for it’s volatile movements, so this past Friday’s price action shouldn’t be a total surprise.
We’ll have to see what next week brings for the pair. I’ve outlined possible resistance levels in a previous post, should GBPJPY continue its upward march.
The AUDUSD put in a bullish pin bar on Friday. Although it’s a well-formed pin bar, it’s not altogether convincing with resistance close by at the .93 price action level. Right now the pair seems to be floating between immediate support and resistance. The first couple days of the new week should give us some form of confirmation of whether the AUDUSD can hold this level.
The USDCHF put in an interesting bearish pin bar on Friday. The larger trend is clearly down and we’ve seen multiple bearish pin bars along this upper trend line (see the last chart) that have presented nice trading opportunities.
There’s also a shorter-term supporting trend line that has formed since March of this year. It’s unclear at the moment which way it will go, however the larger downtrend and bearish pin bar do suggest a break lower.
Extended view of the USDCHF daily chart…
It may be a little hard to see, but this upper trend line extends back to July of 2013. There’s also a lower trend line in place as seen in the chart below.
