Hello Traders, I hope you had a great trading week. Well, on my end, nothing much happened. Let’s get into details on what happened on UsdJpy, GbpUsd, and CadJpy. I’ll also be sharing how I intend to trade them.
Price is forming a mini resistance at the 107.6 price zone. Also, the price is bullish and traders should be looking for buying opportunities. Let’s check the 4hr time frame to look for bullish price action pattern.
On the 4hr time, I can notice a bullish pennant continuation pattern. Note if there is a 4hr closure breaking the trend line, I’ll be buying and my stops will be at 107.4.
GbpUsd looks like it’s reversing. Why? We had a Bullish Harami candlestick on Monday’s daily close. On Friday trading session, sellers pushed the price to the retracement levels. Will the bulls be looking to attack the markets at the psychological zone? Let’s take a look at the 4hr timeframe to see what’s happening.
Traders can notice that the market structure has changed and will be looking for bullish candlestick signals at the fibonacci zones.
This is a clear inverse head and shoulder reversal pattern. Note, this pattern is only confirmed when there is a break of the neckline. Looking at the charts, the price has broken the neckline and retesting. Now let’s check what Is happening on the 4hr timeframe.
On the 4hr timeframe, price is currently trading at the fibs level. Also, you can notice bullish candles signaling the bulls are active in the markets.
This is all I have to share and I wish you all the best this week.