Weekly Price Action Setups & Key Levels | Jun 5-10
NOTE – I currently have active trades in the following instruments: USDJPY, XAUEUR, CADJPY, TSLA, NZDJPY, USDMXN, CHFSEK, GBPUSD, USDSGD, USDCAD, 2 vanilla options and VXZ
USDJPY – Second False Break Setup in Profit (daily chart)
For the second time in about a month, the USDJPY has formed a false break setup at the 110.90 key role reversal level. I’m currently short at 110.84 with about +430 pips of profit at the moment on 100 pips risk, so +4R at the moment with profit locked in which you can see below.
For now I’m maintaining my bearish bias while the pair is below the 111.45 figure on a daily closing basis. I’m expecting some profit taking from bears around the May lows down to 105.75. Medium term though I’m expecting any rallies to be sold for an eventual move towards 105 and potentially 101.
Traders not already short can look for pullbacks to get re-enter with trend.
Silver – Pin Bar + False Break Above Key Resistance (daily chart)
After the surprise NFP print last week, the USD got hammered across the board. Precious metals spared no mercy for the greenback and gained over 3% on the day.
What was key about this move was the pin bar + false break above the key resistance at 16.15. Now that the price action has regained this level, it may start treating it as support on pullbacks. Hence ST I’m bullish while above last weeks lows on a daily closing basis.
Upside there is scope for a move towards 16.90 and 18.
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