Weekly Price Action Setups & Key Levels | Mar 26-31


USDJPY – Bearish While Below Key Structure (daily chart)
After bouncing around in a large corrective structure (between 111.50-115.20), the USDJPY has now broken below this key structure which creates a ST & MT bearish bias IMO.

For now traders should look to stay short while the price action is below this structure/112 on a daily closing basis IMO.

If this structure holds, 110 is on deck next. However if this structure folds and we get a daily close above 112, then there could be a false break setup so watch for both options.

usdjpy key price action structure 2ndskiesforex

USDRUB – False Break Setup Continues to Profit (4hr charts)
As I talked about in the member market commentaries, I’ve been short USDRUB from the false break setup near 58.60. That trade continues to profit and is making it’s way toward the yearly lows around 56.69.

I’m expecting a bounce here with some minimum profit taking. If the bounce take out 58.25 (prior spike high in this recent leg), then we’ll likely return towards 58.66 and potentially 59.50.

If however the bounce is weak and continues to press the bids around 56.69, then a breakout would likely head towards 55 or < before major bids step back in.

usdrub false break setup 2ndskiesforex

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