Weekly Price Action Setups & Key Levels | Oct 11-16
USDJPY – Range Structure In Play, Looking to Sell (4hr chart)
While our buy off the range support profited heavy, we are still in favor of playing both sides of the range structure. There is a key resistance zone between 121.15 – 121.75 so bears should be looking for short opportunities there.
Only a daily close above 122 negates my range bias. Downside look to target 119.75 and 118.90.
WTI – Bullish Breakout, Key Resistance Ahead (4hr chart)
As we talked about in the members commentary, we suspected a breakout was coming for WTI Oil. The continual formation of higher highs and stable holding of the range support (blue box below) hinted at this ahead of time.
To end last week, price action broke above the key resistance with the 48.60 – 47.45 support zone holding. For now, I’m staying bullish while above the 47 handle. Upside we have 50 and 50.81 as resistance.
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