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Price Action Setups: USDJPY, GBPJPY, GBPNZD and AUDNZD

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Today we saw USDJPY move past an important barrier at 104.10. This level is represented by the April highs and has acted as resistance since August 22nd.

I would like to think that we’ll get a pullback into support for a potential to enter long, however if today’s bullish close is any indication we may not get much of a pullback at all. Today’s close seemed to be driven by demand and an overall lack of supply, which is why we saw the pair close very near the high of day.

At any rate, the 104.10 level should now act as support if the market does pullback that far. The next two resistance levels come in at 104.85 and 105.30.

Summary: Wait for a pullback into support. A bullish continuation pin bar on the 4 hour chart may also provide us with a signal to go long here. Key resistance comes in at 104.85 and the year open at 105.30.

usdjpy daily forex chart

Another Yen pair that caught my eye today is GBPJPY. The pair appears to have broken out of the short-term downtrend from early July and looks set to continue the major uptrend that’s been in place since January of 2012.

From here we can watch for bullish price action should the market rotate back to the 172.60 support level.

Summary: Watch for bullish price action around 172.60. Key resistance comes in at the current high at 173.30 and 174.0.

gbpjpy 4 hour forex chart

GBPNZD analysis

 gbpnzd daily forex chart

AUDNZD analysis

audnzd daily forex chart

 

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