Daily Price Action
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Price Action Setups: USDJPY, NZDUSD and CADCHF

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USDJPY is currently sitting on a major support level at 105.40. Not only is this the year open but it’s also the 50% retracement level from the February lows to the recent high at 110.07.

A quick glance at the 1 hour chart tells me that there are buyers willing to bid at this key support level. However given the recent bearish momentum I would like to see a more substantial signal on either the 4 hour or daily time frame before considering a long position.

USDJPY 1 hour chart

usdjpy 1 hour forex chart

Summary: Watch for bullish price action at 105.40 on either the 4 hour and daily time frames. Key resistance comes in at the recent highs around the 110 handle.

usdjpy daily forex chart

NZDUSD analysis

nzdusd 4 hour forex chart

CADCHF analysis

cadchf daily forex chart

 

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