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Important Test of USDJPY Daily Support

Markets Discussed in This Week's Price Action Trades Weekly Preview: EURUSD, USDJPY, USDSGD and EURGBP.
Johnathon Fox is a professional Forex and Futures trader who also acts as a mentor and coach to thousands of aspiring traders from countries right around the world at his website https://www.forexschoolonline.com
Johnathon Fox is a professional Forex and Futures trader who also acts as a mentor and coach to thousands of aspiring traders from countries right around the world at his website https://www.forexschoolonline.com


Image: iStock.com/Ca-ssis

EURUSD Daily & 2 Hour Charts

Bulls Hold With Bullish Engulfing Bar

The daily chart support level that has been crucial in holding back the bears from surging lower has so far managed to hold again with the bulls aggressively pushing back higher.

As the daily and 2 hour charts show below, price quickly reversed at the daily support, forming a strong Bullish Engulfing Bar (BUEB) on the 2 hour chart and moving back higher.

Price is now tracking back higher into the proven daily resistance that is a major watch over the coming sessions for potential bearish setups.

Daily Chart

EURUSD Daily

2 Hour Chart

EURUSD H2

USDJPY Daily Chart

Big Watch Daily Support

Similar to the EURUSD, the USDJPY is moving into its daily support level and looks to be an interesting watch for potential bullish price action reversal triggers.

Two weeks ago this support level acted as a swing low for price to make its most recent bounce higher, and it’s now looking to make another attempt at breaking lower.

This market has not had any clear trend recently with price ranging sideways. If price can fire off any A+ bullish triggers showing the bulls want to hold this level, it could be a solid level to look to get long.

Daily Chart

USDJPY Daily

USDSGD Daily Chart

Daily Pin Bar Sends Price Lower

Price action on the daily chart of the USDSGD printed a counter trend pin bar that has seen price sell off lower.

The pair had been trending aggressively higher recently before running into the daily chart resistance level and forming this pin bar.

It’s now tracking lower and into the next support level that could be a solid level to look for high probability bullish trigger signals to see if this move higher wants to continue.

Daily Chart

USDSGD Daily

Daily Chart

USDSGD Daily Zoomed Out

EURGBP Daily & 2 Hour Charts

Price Pauses at Daily Resistance

After breaking out and moving strongly above the daily resistance, price quickly snapped back, made a quick re-test of the old resistance / new support price flip before continuing.

The 2 hour charts below clearly show this strong move, quick break and then re-test.

Price on the daily chart has now paused after running into a major daily resistance level.

If price can rotate lower and back into the same price flip support, bullish traders could hunt for long trades if any A+ price action presents.

Daily Chart

EURGBP Daily

2 Hour Chart

2 bar reversal eurgbp

2 Hour Charteurgbp 2 hour chart