Greetings everyone and happy Easter, let’s take a look at some Forex pairs that are in interesting formations and very important junctions.
CADJPY
Holding inside the bullish channel. Price is bouncing. As long as the price is above 81.65 we could see another new higher high towards 83.25. However, a break below 81.65 will open the way for a move below 80.
USDCAD
Still trapped inside the trading range. Made a try yesterday to break short-term resistance at 1.2930 but the price got rejected. I still expect 1.30 to be seen before selling the hell out of it for a move towards 1.24 and lower.
USDJPY
This pair has broken out of a long-term wedge pattern and yesterday might have completed a backtest pullback of the broken wedge boundary. Bulls now need to break above 107 and this opens the way for a move towards 108 and why not 109.30. 105.60 yesterday’s lows are important short-term support now. Bulls do not want to see new lower lows.
GBPUSD
Still inside long-term bullish channel and respecting short-term trend line support. Bears need to break back below 1.40 in order to regain short-term trend control.
EURJPY
Is this a selling opportunity? Maybe as long as the price is below the blue TL resistance. Support is at 130.30 while resistance at 131.30. I’m bearish as long as the price is below the blue TL.
Concluding, waiting for USDCAD to reach 1.30 to get bearish, I’m bearish now EURJPY, CADJPY and USDJPY…
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