USDJPY PRICE ACTION: Bears Confirmation, Closing Price Reversal Trade Setup pulls lower

A Bullish Closing Price Reversal noticed on Friday 20th September, complementing an initial one from about the 100.00 Psychological resistance zone on the 11th of September, which has been followed by a 4hr trend confirmation, is expected to push prices lower, possibly into Psychological Support at about 97.00. Though we will keep an eye on 98.00 where 50% of open position would probably be closed.

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EURAUD PRICE ACTION: Outside Bar Trade Setup

EURAUD fired off an outside bar at the close of trading on Thursday , September 19, 2013. It was followed by a bullish validating candle the next day, however, today, price opened with a GAP up but traded bearishly all through the day, firing off a counter Outside Bar Trade Setup. This is very interesting since we were already long based on the initial Outside bar Trade Setup from Thursday. The decision on this nerve wrecking scenario is to remain bullish until the new setup is validated with at-least another lower low and lower high candle, therefore, this new Setup would be ignored as we look at the possibility of price reaching 1.46.

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USDJPY PRICE ACTION: Yen Remains Bullish.

In our previous commentary on the yen on 6th September, we discussed the bullish breakout on the daily chart of this pair which was preceded by a couple inside bar Trade Setups. Price however faced hesitation and dropped lower following the NFP release of last week but price has again resumed its more dominant bullish trend after yet another inside bar Trade Setup at the close of trading on Monday. The pair remains bullish and could yet attempt to reach its 101.00 Psychological Zone. Only a break below 99.00 would initiate any reasonable sell off.

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EURUSD PRICE ACTION: Inside Bar Trade Setup

The Euro has given off an Inside Bar Price Action Trade Setup after price faced support at the 1.3100 Psychological Support. A Closing Price Reversal Trade Setup had set the tone for the recent continuation of the more dominant bullish trend of the pair. The Inside bar should thus act as further catalyst for buying pressure, in line with the expected bullish trend continuation.

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EURGBP PRICE ACTION: Pivot Bottom Trade Setup.

A Pivot Bottom Price Action Trade Setup as seen on the daily chart of the EURGBP, is a bullish reversal Trade Setup and could send prices higher in the coming days. It is important to note that an intra-day breakout bullish confirmation had occurred within today's trading therefore, price should attempt to reach higher. Psychological resistances at 0.8500 and 0.8600 would be reasonable take profit zones.




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GBPJPY PRICE ACTION: Pivot Top Trade Setup

Fridays saw a very significant sell-off on the GBPJPY following the pairs inability to break above 156.00 Psychological Resistance, closing eventually below 155.00 psychological level. This scenario changes bias on the pair from bullish to bearish and also, the Pivot Top price Action Trade Setup is a Bearish Trade Setup. Entries would be sort on the 4 hour time frame to join this emerging bearish trend.

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USDJPY PRICE ACTION: Price shoots above Psychological Resistance

On August 31, I drew our attention to the Inside Bar Price Action Setup that had occurred on the daily chart of the USDJPY after price seemed to hit a bottom following the Closing Price reversal trade Setup. In my follow up analysis on September 3, I indicated that the trade room had gone long and was expecting price to reach the 100 Psychological resistance. It has now broken that resistance and the Trade Rooms TP. price could now aim to reach the 101 Psychological resistance zone. The trend remains bullish yet.

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