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Weekly Forex Price Action Setups & Key Levels | May 24-31
USDJPY – Breakout Scenario Building (Daily Chart)
Taking out the two month range highs around 120.75, the USDJPY had a nice breakout pullback setup off this key level before bouncing higher.
Next up is the key resistance around 121.67 which is also the yearly highs. Closing above this adds bullish risk to the table and puts 124 up next and then the ‘big figure’ at 125 on deck.
Only a daily close below 120.36 negates my bullish bias so am looking to get long on a breakout pullback setup, or perhaps a pullback into value.
USDCAD – Nearing Key Resistance Zone (Daily Chart)
Gaining heavily over the last 7 trading days, the USDCAD has held nicely above 1.2175 and broken above the inside bar from Thursday.
ST I’m bullish while medium term I’m bearish below the key resistance zone between 1.2360 and 1.2427. I’m expecting offers to enter the market in this zone and am looking to get short.
Downside I’d be targeting 1.2185 and 1.1950. Only a daily close above the zone would negate my MT bearish bias.
Read my latest article on Trading Support & Resistance with Price Action
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