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USDJPY fades month-old bullish trend on BoJ’s cautious pauseUSDJPY snapped a three-day winning streak even as the Bank of Japan (BoJ) held benchmark interest rates unchanged, as widely expected, after its two-day monetary policy meeting early Thursday. In doing so, the Yen pair also challenged a five-week-old bullish trend channel. Bulls lack acceptance but bears have a bumpy road ahead… Apart from the BoJ’s hawkish halt, sluggish MACD and RSI conditions, along with the USDJPY pair’s inability to cross a month-old rising resistance line and 61.8% Fibonacci retracement of July-September downside, suggest a weakening of bullish bias. A slew of key supports, however, might challenge the sellers before taking control. Key technical levels to watch The aforementioned upward-sloping trend channel’s bottom line, close to 152.80, gains the immediate attention of the sellers ahead of the 50-bar Exponential Moving Average (EMA), around 152.20 at the latest. Following that, the USDJPY sellers can aim for the 150.00 threshold and the 200-EMA support of 149.00. In a case where the quote remains bearish past 149.00, the 38.2% Fibonacci ratio and September’s peak, respectively near 148.10 and 147.20, will act as the final defense of the buyers. On the contrary, USDJPY needs a clear upside break of the 61.8% Fibonacci retracement level of 153.45, also known as the golden ratio, to convince buyers. Even so, a month-long ascending trend line and a horizontal hurdle established since mid-July, close to 154.80 and 155.30-40, will challenge the Yen pair’s further advances. If the prices remain firmer past 155.40, the odds of witnessing a rally toward the aforementioned bullish channel’s top line surrounding 157.70 can’t be ruled out. Focus on US data As the BoJ’s cautious stance weighs on USDJPY buyers, traders will watch upcoming US inflation and employment data for further direction.
by MTradingGlobal
EURUSD SHOWING A GOOD UP MOVE WITH 1:8 RISK REWARD EURUSD SHOWING A GOOD UP MOVE WITH 1:8 RISK REWARD DUE TO THESE REASON A. its following a rectangle pattern that stocked the market which preventing the market to move any one direction now it trying to break the strong resistant lable B. after the break of this rectangle it will boost the market potential for break C. also its resisting from a strong neckline the neckline also got weeker ald the price is ready to break in the outer region all of these reason are indicating the same thing its ready for breakout BREAKOUT trading are follws good risk reward please dont use more than one percentage of your capitalfollow risk reward and tradeing rules that will help you to to become a bettertrader thank you
Long
by tradergyan01
1
EURUSD: Focus on 13-month-old support and EU/US GDPEURUSD retreats towards a key support level as traders prepare for Wednesday's Eurozone and US Q3 GDP reports. Despite this, the pair maintains a mid-October breakdown below the 200-SMA, while oscillators challenge continued bearish momentum. Bulls and bears jostle at key support While EURUSD sellers benefit from the drop below the 200-SMA and a stronger US Dollar, an upward trend line from October 2023, along with an oversold RSI and a potential bull cross on the MACD, may limit further declines of the major currency pair. Key technical levels The 13-month rising support line near 1.0770 is crucial for EURUSD sellers if the pair drops further. Below that, the monthly low of 1.0760 is an important level, with June and April lows around 1.0665 and 1.0600 as potential targets. For EURUSD buyers, recovery seems challenging without breaking the 200-SMA at 1.0870. Even if they succeed, the 1.1000-1.0980 zone, marked since January, poses a tough challenge. If the Euro bulls cross the 1.1000 hurdle, they’ll set their sights on the 78.6% Fibonacci Extension (FE) of the pair’s late 2023 fall and a 10-month-old rising trend line, close to 1.1100 and 1.1220 in that order. Further downside needs a strong catalyst With mixed oscillator signals, EURUSD sellers need robust data to support US Dollar strength and Euro weakness to push prices lower. A corrective bounce seems likely, potentially creating fresh selling opportunities if Eurozone data surprises positively.
by MTradingGlobal
USD/CAD Elliottwave I’ve mapped out an Elliott Wave structure for USDCAD on the 2-hour chart. Currently, the pair is progressing through the wave sequence, and I’m anticipating a final push to complete the 5th wave around the 1.4160 level. 🔹 Key Levels to Watch: Potential retracement zones for waves 3 and 4 are highlighted, which could present good opportunities for those looking to enter or add positions. This chart is free for everyone—feel free to use it as part of your trading plan! 🙌 If you find value in my analysis and would like to show some gratitude, consider supporting via Your support helps me keep sharing insights like these with the community! #Forex #ElliottWave #USDCAD #TechnicalAnalysis #Trading
Long
by Elliottwave-Edge
GBPUSD: Sellers approach multi-month-old support before US dataGBPUSD is slipping from last week’s bounce off a six-month support line. Traders are watching for Tuesday's US Consumer Confidence report, while the strong US Dollar and cautious mood ahead of the US Q3 GDP figures, inflation data, and Nonfarm Payrolls (NFP) are putting pressure on the Pound Sterling. Bears lose momentum While GBPUSD buyers aren’t gaining traction, sellers will struggle to take control. There are multiple support levels, and indicators like the RSI (14) and a weakening bearish MACD signal may hinder the bear’s progress. Key technical levels to watch Watch for the upward support line from late April around 1.2935, followed by the 200-SMA near 1.2800, as near-term key levels to watch for the GBPUSD sellers. If the bears push below 1.2800, look for support at the August and June lows around 1.2665 and 1.2610. GBPUSD needs to break the ascending trend line from early March near 1.3080 for a recovery. Additional resistance levels include the psychological barrier at 1.3000 and the 50-SMA at 1.3140. Lastly, a horizontal resistance zone near 1.3240 serves as a crucial barrier for buyers. Further downside appears less convincing With the bearish trend losing momentum, expectations for fewer rate cuts from the US Federal Reserve could change if upcoming data doesn't support US Dollar strength. This uncertainty calls for caution among GBPUSD sellers.
by MTradingGlobal
EURUSD SHOWING A GOOD DOWN MOVE WITH 1:7 RISK REWARDEURUSD SHOWING A GOOD UP MOVE WITH 1:7 RISK REWARD DUE TO THESE REASON A. its following a rectangle pattern that stocked the market which preventing the market to move any one direction now it trying to break the strong resistant lable B. after the break of this rectangle it will boost the market potential for break C. also its resisting from a strong neckline the neckline also got weeker ald the price is ready to break in the outer region all of these reason are indicating the same thing its ready for breakout BREAKOUT trading are follws good risk reward please dont use more than one percentage of your capitalfollow risk reward and tradeing rules that will help you to to become a bettertrader thank you
Short
by tradergyan01
1
USD/JPY Analysis: Sell Opportunity Near Daily ResistanceThe USD/JPY pair is approaching a strong resistance level around 154.00 on the Daily timeframe. This zone has historically served as a key barrier, with price often facing selling pressure upon reaching this level. A potential sell setup may present itself if a bearish reversal pattern forms. Key Technical Insights: Daily Resistance at 154.00: This level has acted as a major resistance in the past, limiting the pair's upward momentum. Price nearing this zone increases the chances of a pullback or reversal if sellers re-enter the market. Look for Bearish Reversal Patterns: To confirm a potential entry, watch for a bearish candlestick pattern on lower timeframes (such as H4 or H1), like a bearish engulfing or pin bar. These patterns would indicate strong selling interest and provide a safer entry point. Trade Plan: Entry: Consider a sell entry on confirmation of a bearish pattern at or near 154.00. Stop Loss: Place a stop above 154.50 to protect against potential breakouts. Take Profit: Initial target at 150.00, with the potential to extend lower if bearish momentum sustains. The resistance at 154.00, coupled with potential bearish patterns, offers a favorable setup for a short trade on USD/JPY. FX:USDJPY OANDA:USDJPY FOREXCOM:USDJPY SAXO:USDJPY FX_IDC:USDJPY
Short
by Trading_Zone_3773
EU: Double-Bottom Formation at Key Support ZoneThe EUR/USD is currently testing a critical support zone around 1.0800 on the Daily timeframe, where price action shows potential for a bullish setup. The pair has formed a double-bottom pattern, with the second low forming at this same support level, indicating that selling pressure is weakening and buyer interest may soon increase. Technical Insights: Daily Support Zone and Double Bottom: Price has created a double-bottom pattern at the 1.0800 level, reinforcing the significance of this support. This pattern is a classic reversal signal, often signaling a potential trend change, especially when occurring at a major support zone. Confirmation with Bullish Reversal Pattern: For confirmation, look for a bullish reversal candle pattern on lower timeframes (such as H4 or H1) at this support level, like a bullish engulfing or pin bar, which would signal a potential upward move. Trade Plan: Entry: Consider entering a buy position if a strong bullish candle pattern forms around 1.0800. Stop Loss: Place below the recent low of 1.0750 to protect against further downside. Target: Initial target at 1.0900, with the potential to extend higher if the bullish momentum sustains. The double-bottom pattern, combined with the strong support zone, provides a solid basis for a potential buy opportunity, emphasizing the importance of waiting for confirmation before entry. FX:EURUSD OANDA:EURUSD FOREXCOM:EURUSD FX_IDC:EURUSD
Long
by Trading_Zone_3773
DOUBLE TOP PATTERN SHOWING ON EURAUD IN DALY TIMEFRAME EURAUD SHOWING A GOOD UP MOVE WITH 1:5 RISK REWARD DUE TO THESE REASON A.DOUBLE TOP PATTERN SHOWING ON EURAUD its following a rectangle pattern that stocked the market which preventing the market to move any one direction now it trying to break the strong resistant lable B. after the break of this rectangle it will boost the market potential for break C. also its resisting from a strong neckline the neckline also got weeker ald the price is ready to break in the outer region all of these reason are indicating the same thing its ready for breakout BREAKOUT trading are follws good risk reward please dont use more than one percentage of your capitalfollow risk reward and tradeing rules that will help you to to become a bettertrader thank you
Long
by tradergyan01
EURNZDLet's look at EurNzd for the next week. As you can see price made a nice push up and now naturally I would like to see the retracement back into the Demand zone. I will monitor the charts and check if I can get into any sell-to-buy setups - meaning selling before looking for buys into the Demand zone. ( that way I can position myself better ) Again what I need to see for my setup to become valid is a 15-minute structure flip/break. Nice setup overall. Let's patiently wait and see what next week will show us.
by Tilen_FX
GBP Analysis for Potential Buy or Sell Entry Overview: We’re focusing on a POI (Point of Interest) zone where we expect potential price reactions. This POI zone represents a key support or resistance area, and it will determine whether we enter a buy or sell position depending on how the market price reacts to it. Plan: 1. If the market price finds support at the POI Zone: Look for confirmation signals (such as bullish candlesticks, break of recent highs, or volume increases). Enter a Buy position targeting higher levels, aiming for a positive risk-reward ratio. Identify potential target levels based on previous resistance or Fibonacci extensions. 2. If the POI Zone fails as support: Wait for the price to retrace back towards the POI zone, testing it as resistance. Enter a Sell position targeting lower levels, especially if bearish patterns or momentum indicators confirm the move. --- Key Reminder: Trading always involves probabilities, not certainties. No strategy is foolproof, and risk management is essential. Make sure to place stop-losses in appropriate positions to protect your capital, and remember that disciplined execution is key.
Long
by dkrajkumar90