Video: Is USD/JPY Topping? - Technical Tuesday - Forex Anatomy

Video: Is USD/JPY Topping? – Technical Tuesday

Today’s “Technical Tuesday” Analysis Session (November 12, 2019) for both the EUR/USD and USD/JPY currency pairs is currently available for viewing.

 

During this week’s “Technical Tuesday” Analysis Session, we provide a brief technical overview of the inter-day price dynamics in the EUR/USD and USD/JPY currency pairs, and offered various trade scenarios that could develop from each instrument during this week of volatile trading. The webinar began with a brief overview of a potential breakout and buy opportunity in EUR/USD that could be forming at the moment. Price created a double top on the daily, expanding lower to test a key zone of structural support where buyers may come in on EUR/USD demand, due to some profit taking on US Dollar long position. The 1.10 institutional level is a key level on EUR/USD where we may see bullish momentum kick in. If we are a little patient, there may be a strong buying opportunity that we can take advantage of shortly. We discussed 2 ways to engage in this potential buy trade for EUR/USD during today’s “Technical Tuesday” session.

 

 

We also discussed the complex price behavior of the USD/JPY and the reasons you should be a little cautious while trading this pair. Although this currency major is exhibiting convoluted price action at the moment, we can observe that this pair is having a difficult time creating a new high on the daily time frame, and there is a technical reason for this. During the session, we identified clear chart signals that indicated that the greenback could be possibly topping in comparison to Yen. Both majors are poised for a significant breakout with dollar weakness leading the way as economic headwinds & political risks continue to loom. Today’s price action is offering technical clues on how to trade unique setups in both pairs. We explained why in today’s session and also revealed 2 possible shorting (sell) ideas that may take place over the next 2 to 3 trading days on the USD/JPY.

 

Note: If you’re benefiting from the Technical Tuesday content that we are sharing with you, please let us know in the comments section or give us a ‘thumbs up’ or ‘Like’. Also, subscribe to our YouTube Channel and spread the word by sharing.
With that being said, if you want more high probability trade ideas in a plethora of currency pairs, as well as professional training on how to properly trade Spot Forex using good risk mitigation skills, then I recommend that you tap here to test our private trading community called “The Lab”. 

About the Author Marvin Perry

Marvin Perry has been an active trader within the Forex market since 2010. He attended the University of Illinois in Urbana/Champaign, and graduated in 2002 with a double major in Cell and Structural Biology and Chemistry. He currently serves as an FX instructor & Quantitative Analyst for the Forex Anatomy Private Trading Community called "The Lab", where he conducts live weekly trading webinars & instruction on Fundamental Analysis & Inter-Market Interpretations of dynamic asset classes and their influence on currencies.

follow me on:

Leave a Comment: