Weekly Price Action Setups & Key Levels | Jun 19-24

My Current Open Active Trades: CADJPY, NZDJPY, XAUEUR, TSLA, VXZ & 2 Vanilla FX Options (EURJPY & AUDUSD)

USDJPY – Volatile Corrective Structure, Looking to Sell (daily chart)
After the USDJPY formed a corrective structure around 105.63, the pair broke down and sold off impulsively towards a yearly low around 103.50. For now the pair is in a volatile corrective structure but should see bearish pressure remain in play.

I’m looking to sell and am watching the price action to sell on strength. 105.63 should act as a key role reversal level and be the first major layer of defense for the bears. Only a daily close above 108 negates my ST & MT bearish bias.

usdjpy price action 2ndskiesforex

GBPJPY – Bearish While Below Key Resistance Zone (daily chart)
After dropping over 750 pips last week, the GBPJPY has borne a large share of the GBP selling ahead of the key ‘Brexit’ vote selling off 6 of the last 8 days.

In the process, the pair took out the key support zone between 151.55 and 154.39. This should become a key resistance zone on rallies this week ahead of the vote.

Traders not already short can look for price action opportunities there while major resistance lies north around 162.18. Only a daily close above 165 would negate my ST & MT bearish bias.

Downside we have 145 and 140 as potential targets.

gbpjpy price action analysis 2ndskiesforex

Euro Stoxx 600 Index – Large Corrective Structure, Bearish Bias (daily chart)
Under pressure the entire year, the Euro Stoxx 600 has been in a large corrective structure and balancing zone since Jan between 16.15 and the 13 handle. With a potential ‘Brexit’ vote looming, European banks would likely be hit hard in such an event and vote.

I’m keeping my bearish bias while the structure remains and am looking to sell on a rally towards the corrective structure highs. Only a daily close above 16.50 would negate my structural bias in the price action.

If the brexit vote wins the day, then I’d expect a massive sell-off and a clearing of the key support level around 13 taken out. Downside targets would be the 12 handle and 9.20 mark which is the 2008 lows.

euro stoxx 600 2ndskiesforex

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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