Weekly Price Action Setups & Key Levels | Nov 23-28
USDJPY – Attempting to Form a Bullish Base (1hr chart)
Fairing better than most JPY pairs, which all got hammered to end last week, the USDJPY has been forming a short term bullish base around 117.38. You’ll notice the double bottom and pin bar rejections off those lows, showing intra-day buying interest and bids willing to step in there.
For now, I’m expecting another leg up to re-attack the 119 highs. The ST key support zone for the pair is between 117.38 and 116.95 so am open to buying in this range. After 119, we have stiff resistance ahead in 120. Only a daily close below 116.95 sours the MT bullish trend.
GBPUSD – In Corrective Structure, Next Move Likely Down (4hr chart)
Last week the cable spent most of its time in a corrective price action structure between 1.56 and 1.5730. Being that this is on the lows, the next likely direction is down.
I’ll look for weak pullbacks into the corrective/range resistance around 1.5730/20 to sell. If it breaks higher, then I’ll likely look to re-sell just below the role reversal level at 1.5930.
Only a daily close above 1.5945 changes the bearish bias. Downside targets are 1.55 and 1.51.
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