Weekly Price Action Setups & Key Levels | Mar 27 – Apr 1

USDJPY – Large Corrective Structure + Resistance Approaching (4hr chart)
Since the 8th of Feb, the USDJPY has been banging between 114.85 and the 111 handle with 3 touches on both barriers. What is most interesting is the consistent buying since the 14th, almost as a slow levitation, potentially the beginning of some accumulation.

Regardless, for now I’m maintaining a neutral to bearish bias while we are below 115 on a daily closing basis looking to sell weak rallies. Downside I’d be looking to target 111 with potential scope for a move towards 110.

usdjpy price action

AUDNZD – Corrective Structure Persists, Bullish Bias While Above 1.10 (4hr chart)
Since the 9th of March, the corrective structure we’ve talked about is marching along between 1.1145 and 1.1290. With NZDUSD still under pressure, I’m expecting the AUDNZD to find higher ground to start the 2nd quarter.

I’m maintaining a bullish price action bias while 1.10 on a daily closing basis. Upside beyond 1.13, there is potential scope for a move up towards the big figure at 1.15.

audnzd price action

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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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  • Raildo

    Thanks for explain your tech view about USD/JPY! This is a pair that Im trying to understand..But I would appreciate if you tell us how to identify accumulation/distribution patterns in FX markets.I think that your suspect of this false daily breakout is valid scenario for a while.

    • Chris Capre

      Hello Raildo,

      Glad you found the price action analysis useful.

      RE: Accumulation/Distribution
      This is a more advanced subject for members of my advanced price action course which you are welcome to join.

      Kind Regards,
      Chris Capre