It's been a while since we've had a setup in the Forex markets. Since we wrote, we've seen grinding action to the downside by the [EURUSD], while the [USDCHF] slowly grinds up. [USDJPY] went to new lows after the bear flag while [GBPUSD]continues to trace out possible right shoulders on the daily chart. [EURJPY] continues to grind downwards slowly.
The setup that we should be watching here is on the [USDJPY]. Since it's in a downtrend, all bounces are potentially going to find sellers, and on this bounce, we will see if the old low in the 105.17 area is going to be solid resistance. One the daily chart, this is Bar 3 of a bear flag; on a swing trade basis, a sell signal will be triggered on break of Friday's low.
04.04.05 06:05 #