Weekly Technical Analysis Report 31 January – USDJPY played out nicely, bearish play seen on USDCAD
Weekly Technical Analysis Report 31 January – USDJPY played out nicely, bearish play seen on USDCAD
1. Last week’s outlook on USDJPY: Bullish play seen
On the H4 time frame, prices are holding above the key support zone at 113.60 where we could see further upside above this level. On the H1 time frame, a pullback to our support area at 113.72, in line with the 61.8% Fibonacci retracement and 100% Fibonacci extension presents an opportunity to play the bounce to the next resistance target at 114.20, in line with the 50% Fibonacci retracement.
USDJPY Charts (Note: Coloured candles represent our projection)
Before:
After:
Chart: https://www.tradingview.com/chart/USDJPY/0Pmxgir6-Outlook-on-USDJPY-Bullish-play-seen/
2. This week’s outlook on USDCAD: Bearish play seen
On the H4 time frame, we are seeing bearish order flow on USDCAD, with prices currently testing a key resistance area at 1.27800. This resistance area lines up with the 100% Fibonacci extension where we could see a reversal below this level, to the next support target at 1.26800, in line with the 50% Fibonacci retracement and 100% Fibonacci extension. Stochastic is approaching resistance as well where we could see a reversal below this level, in line with our bearish bias.
Outlook on USDCAD: Bearish play seen by Salzworth on TradingView.com
