Weekly Price Action Setups & Key Levels | Jan 29 – Feb 3
My Current Active Open Trades: EURUSD, GBPJPY, AUDUSD, USDRUB, AUDNZD
USDJPY – MT Corrective Price Action Still Dominates (4hr chart)
After gaining about +250 pips last week, the USDJPY hit a key RRL around 115.20 that we’ve talked about in prior commentaries. For now the corrective price action structure between 115.20 and 112.75 still dominates.
I’m expecting bears to take profit on the bottom lows with value buyers coming in at the structural lows. So look to trade both sides until we see a daily close outside of this structure.
EURUSD – Price Action Continues to Build Towards Key Resistance Level (daily chart)
As we’ve mentioned in our recent market commentaries, the EURUSD price action contnues to build towards the key resistance level and RRL around 1.0860. Thus far the uptrend is stable, just not massively impulsive.
For now I’m looking to get short near the RRL ahead as I’m expecting some profit taking here from the bulls. Only a daily close above 1.09 would negate this resistance level IMO.
Meanwhile downside there would be scope for an initial move towards 1.07 and then perhaps a larger move down towards 1.04.
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