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EUR\JPY Trading Range

A trading range has evolved at the EURJPY pair. Price is strongly bound by two horizontal support and resistance levels: 131.8 and 130.6. These levels have been tested for 3-4 times and are considered highly reliable.

Trading: The main direction is upwards. I expect price to break Resistance - and I would join the trend at the pullback to the broken Resistance level.

AUD\JPY Trading Range

Trading Range

The AUD\JPY 'exotic' pair is in a trading range- two horizontal support and resistance levels that bound price and serve as lower and upper boundaries. Support level is at 76.50 and Resistance is at the round level of 80.0. The trading range is 350 pips in size and offers good trading opportunities:

Long trades will be issued on touch of Support
Short trades will be issued on breakout of Support or Touch at Resistance.

EUR\USD Wedge + Head & Shoulders

The EUR\USD has recently broken a Ascending Wedge pattern in the hourly chart. The Wedge is a reversal pattern that usually leads to a bearish movement. After breakout, price has stopped (for the fourth time) on a Support level of 1.4620. This level is a strong and reliable level that was tested for several times. However, it is expected to break down as well.

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