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USDJPY Heading to 140? CADJPY in Ascending Triangle. Trading Short Brent Crude.

   

Hey Valutraders!  USDJPY tried but failed to reach 140!

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at Brent Crude (UKOil), Gold (XAUUSD), CHFJPY, CADJPY, and USDJPY.

 

Yesterday we talked about the Bank of Japan intervening if USDJPY reached 140 and we didn’t quite get there.Screenshot 2022-07-19 at 11.30.10

We have a bit of a pullback today but watch this lower trend line to see if the bullish trend and JPY weakness continue.Screenshot 2022-07-19 at 11.30.26

We can see from the daily chart just how much JPY has fallen this year.

As traders, we are waiting for the big reversal and I encourage you to investigate other JPY pairs.Screenshot 2022-07-19 at 11.30.36

For example, we have an Ascending Triangle on the daily chart on CADJPY.Screenshot 2022-07-19 at 11.30.42

And a breakout on this CHFJPY chart with the Stochastic Oscillator indicating continued bullish price action.Screenshot 2022-07-19 at 11.30.50

So, if you are following one currency, it is important to look at all the pairs related to that currency and we will be looking at how to do that in tonight’s webinar on Analysing a Currency Pair.

We had been talking about a fall in the price of Gold and, with USD strength, price action has broken through several key levels of support.Screenshot 2022-07-19 at 11.31.02

We can see on the daily chart that the next level below is the base of this double bottom that got our attention last year.

Also, the Stochastic Oscillator is still looking bearish.Screenshot 2022-07-19 at 11.31.26

The Crude Oil market seems to be affected by uncertainty in the Natural Gas market and price action on Brent Crude is heading up to this upper trend line and we are waiting for the Stochastic Oscillator to turn down from Overbought.

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.

Also, subscribe to our YouTube channel and register on the Valutrades website to get notifications on new content as it happens.

That’s all for now.  Happy trading with Valutrades and we will see you next time.

CFDs and FX are leveraged products and your capital may be at risk.19 July 2022 Technicals EN TN

 

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The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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