Weekly Price Action Trade Ideas – 15th to 19th of Feb 2021

Markets Discussed in This Week’s Trade Ideas: AUDJPY, CADJPY, EURJPY and USDJPY. 

Note: We Use Correct ‘New York Close 5 Day Charts’ – You can read about why we use these and how to download the correct free charts at Correct Free New York Close Demo Charts

 

AUDJPY Daily Chart

• Price Breaks Out With Trend Higher

Price has now broken out higher on the daily chart inline with the overall trend.

As the daily chart shows, price has broken through the daily resistance level.

This resistance could now become a price flip level and new support level. It could also be a high probability level to look for new long trades if price can make a quick retrace back lower.

Daily Chart

 

CADJPY Daily Chart

• Watching Price Flip Support Level

Price has now continued on with the breakout that we have been discussing in the past two trade idea posts.

As the daily chart shows, price made a quick retracement lower into the old breakout resistance and new price flip support level.

This level has since held as a support for price to continue on higher.

We could now see a new test of the support for further long trades or another break higher through the recent swing high.

Daily Chart

 

EURJPY Daily Chart

• Range Still in Play on Higher Time Frames

Price action on the higher time frames is now in a clear sideways range with this pair. As the daily chart shows, price has no clear trend at the moment and is very sideways.

Price is now looking to move higher and into the range high and resistance level. This resistance has been a proven level with this pair and has in recent times held on multiple occasions.

Whilst the range high and low support and resistance levels continue to hold, we can continue to look to trade both sides of the market with both long and short trades.

Daily Chart

 

USDJPY Daily Chart

• Daily Chart Support Looks the Key

After making a strong and aggressive breakout higher, this pair run into a strong daily chart resistance level.

Price has since rotated back lower and found support.

As the daily chart shows, both the daily support and resistance areas are important levels.

There is no clear trend in play with this pair and we could look to trade both long and short trades when price looks to test both of these levels.

Daily Chart

 

Trade Ideas Note: All views, discussions and posts in the ‘charts in focus trade ideas’ are the view of Forex School Online and are not recommendations or trading advice. All posts are general in nature and are not advice to buy or sell.

Note: We Use Correct ‘New York Close 5 Day Charts’ – You can read about why we use these and how to download the correct free charts at Correct Free New York Close Demo Charts

 

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