Daily Price Action
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Price Action Setups: USDJPY, USDCHF and EURUSD

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I mentioned USDJPY in yesterday’s analysis, noting that the pair had found support at 105.40 and formed a bullish pin bar last week on the weekly chart.

Based on this weekly signal, we were watching for bullish price action on the 4 hour or daily chart. Sure enough, the pair formed a bullish pin bar today on the daily time frame. This pin bar came on a close above the key support level at 106.80. From here we could see a push back up to the 110 resistance area.

Here is a look at the USDJPY weekly chart.

USDJPY weekly forex chart

Summary: Opportunity to trade a 50% retrace or a break of the nose of today’s bullish pin bar. A daily close below 106.80 would negate the setup. Key resistance comes in at 110.

USDJPY daily forex chart

USDCHF analysis

USDCHF 4 hour forex chart

EURUSD analysis

EURUSD 4 hour forex chart

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4 comments
Adam says

Hello sir, thanks for the setups. I just have a question. You said ”A daily close below 106.80 would negate the setup”, can I know the reason? Thank you

Reply
    Justin Bennett says

    Hi Adam, great question. That was essentially the level that gave life to yesterday’s pin bar. In other words the bulls were determined to see the market close above 106.80, so any daily close below that level would indicate a possible shift in supply/demand.

    Reply
      Adam says

      Thank you very much for your reply.

      Reply
        Justin Bennett says

        You’re welcome.

        Reply
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