VasilyTrader

MarketBreakdown | USDJPY, EURAUD, EURGBP, EURCAD

Long
OANDA:USDJPY   U.S. Dollar / Japanese Yen

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1️⃣ USDJPY - Daily time frame

The pair keeps falling within an expanding wedge pattern.

Strong horizontal support is ahead.
108.3 - 108.5 is a strong area, from where a strong bullish wave may initiate.

Your confirmation to buy will be a bullish breakout of the wedge .

2️⃣ EURAUD - Daily time frame

Major rising trend line breakout.

Its retest may give a great opportunity to catch a bearish move.

Let the price retest that, then look for an intraday confirmation before you open the trade.

3️⃣ EURGBP - 2 Days time frame

0.873 - 0.875 is a major horizontal daily resistance.

Taking into consideration that the pair is quite overbought,
chances will be high to see a pullback from that structure.

Again, wait for a confirmation on 4h/1h before you short.

4️⃣ EURCAD - 3 Days time frame

The market is trading in a strong bearish trend .

Now the price is forming a retracement leg.

A trend-following move will most likely initiate from a major falling trend line .
Let the price reach that and then look for entries to catch a nice short.

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Comments

Thanks Vasily :)
Reply
@lmulhare, you are welcome buddy!!!
Reply
Nice analysis! Super complete!
Reply
@Rawkoala, thank you bro 😊
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