Weekly Forex Price Action Setups & Key Levels | Feb 7-12

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AUDJPY – Breaks Key Support Level, Bearish Bias ST (1hr chart)
On Friday we tweeted about the price action squeeze and likely breakdown of the AUDJPY around the key support level at 83.50 and 83.75 (where the squeeze happened). Once these levels were cleared out, the pair sold off another 100 pips in a matter of hours.

For now this turns the bias bearish ST and puts pressure towards 81.50. Weak corrective pullbacks towards 83.50 and 83.75 will likely face solid offers with the bears targeting 81.50 being the Jan 25th spike lows. Only a daily close above 84 negates the bearish bias ST.

Nasdaq 100 – Breaks 4100 Key Level, Hovering Above Next Support (1hr chart)
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