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Weekly Price Action Setups & Key Levels | Feb 21-26
EURJPY – Pre-Breakout Squeeze At Multi-Year Support Level (1hr chart)
JPY pairs have been losing ground across the board with JPY broad strength since virtually the beginning of the year. EURJPY has been one such pair down almost 300 pips in the last week.
Besides the 20 ema + dynamic resistance holding rallies down, we also have a pre-breakout squeeze formation on the 1hr chart. This comes just in front of a multi-year support level at 125/124.90 which goes back to mid-2013 since our last visit.
I’m expecting JPY strength to continue in the coming weeks and will be looking to short this pair. A daily close below this support level opens up an attack on the ‘big figure’ at 120. Only a close back above 126.50 would negate this bias.
USDJPY – Breakout & Corrective Structure Continue Bearish Trend (1hr chart)
Also heading lower as of late, the USDJPY broke a major structural support last week in 113.38. Since then the pair formed a breakout pullback setup at an RRL offering a great entry to get short.
Since then the pair has formed a corrective structure which has only led to a continuation of the bearish trend. I’m expecting price action to be under bearish presure while below 113.38 and a potential attack on 111 and 110. Only a daily close above 113.75 negates this bias.
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