The CADJPY has fired off a Pin Bar reversal on the daily price action chart. This pin bar setup is in-line with the very short term trend and also rejecting a key resistance level. If price can break this Pin Bar low and move lower price may be able to move lower and into the near term support level around the recent lows. If price fails and breaks the Pin Bars highs and moves back higher the next major resistance comes in around the round number of 97.00.
Yesterday we posted in this blog for price action traders about the setup on the daily of the EURUSD. After posting about the large Bearish Engulfing Bar (BEEB) price moved lower to break the lows and has moved lower to test support like we though may occur. At the time of writing this post price is now testing support which could provide critical to where price heads over the next week. To read yesterdays post see HERE. The trend at this stage is still higher, but if we start seeing lower lows and lower highs this would be the signal that a new down-trend has taken hold.
CADJPY DAILY CHART | 21 JUNE 2013
EURUSD DAILY CHART 21 JUNE 2013
Leave a Reply