Last week we posted about the bearish engulfing bar on the GBPJPY. This came of to the downside and hit the recent support area. Notice how price fell into a very confluent zone where traders could look to take longs with Price Action. This level was the 50% swing point, rejecting the Very Big Round Number of 130.00 and recent support.
If price holds at this level we may see a retest of the recent highs, but if price breaks a test of the 127.20 looks a possibility.
GBPJPY DAILY CHART
The USDCAD has fired of a Pin Bar on the daily chart. This has formed at recent resistance. If price breaks the low of this Pin Bar a test of the recent lows would look likely. If price goes higher we would be looking at a next leg higher.
USDCAD DAILY CHART
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