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Valutrades Market Blast Technicals 26 November 2019


Welcome to this week’s Market Blast Technicals where we will look at CADJPY, NZDJPY, USDJPY, EURJPY, and AUDJPY.

HubSpot Video

A bearish consolidation pattern in the form of a pennant has formed in the AUDJPY H4 chart so keep an eye on these lines of support and resistance and the next key level at 73.4 yen, if we get a break below.

Screenshot 2019-11-26 at 08.31.11

EURJPY, on the other hand, is simply in a downtrend and price action has bounced off this upper trend line with the stochastic oscillator turning down.

Screenshot 2019-11-26 at 08.31.34

However, we are at a key level of 120 yen and, if we get a break below, our next target is the 50% Fibonacci level at 119.3 yen.

The Daily chart on USDJPY shows us another bearish pattern, the rising wedge, but we may need to wait on this one as we are currently at a level of resistance of 109 yen.

NZDJPY has tried to break resistance of 70 yen today and we are in an ascending triangle so, again, we need to watch for a break above or below.

And, finally, on CADJPY price has just bounced off this upper trend line with the next key levels just below if we see a break.

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

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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.