Weekly Price Action Setups & Key Levels | Feb 6-11

usdjpy pre-breakout scenario 2ndskiesforex

My Current Active Open Trades: USDJPY, EURUSD, AUDUSD, AUDNZD

USDJPY – ​Forming A Pre-Breakout Scenario (1hr chart)
Continuing to press lower off the support around 112.10, the USDJPY is forming a pre-breakout scenario and has now produced 2 weaker bounces.

The price action is suggesting with these lower bounces buyers just aren’t coming in with strength while the sellers continue to cramp things in for the bulls.

Should this support level fold, the next support level doesn’t come in till about 111.35. However should a bounce clear out 113.50 and 114, then we’ll likely see a move towards 115.24 before bears come back in force.

 

USDRUB – Price Action Breaking Below the Corrective Structure (4hr chart)
As we’ve talked …

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