USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame broke down a long-term rising channel (purple) four weeks ago. However, there was no significant bearish follow-through. Last week, market operation printed a small bearish candlestick that retested the 140.820 horizontal support which has been in place since December 2023. Further bearish drive may target the next horizontal support at the 138.700 area.
USDJPY price action on the daily time frame is bearish. Price action has broken down a long-term rising channel (purple) and it is retesting the 140.820 horizontal support which has been in place since December 2023. We cannot rule out further bearish move in the early part of this week, perhaps to retest a value area such as the 138.400 intra-day horizontal support before a significant bullish pushback.
USDJPY price action on the H4 time frame is consolidating within a falling wedge (red). Technical impulse on the daily time frame favours bears. We may see a southward breakdown of the wedge before any significant bullish pushback.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame is sideways at the 1.10745 area. This is technically below the 1.11940 prevailing horizontal resistance, which corresponds with the 61.8 fib area of the bearish swing traceable to May 2021.
EURUSD price action on the daily time frame turned sideways on Friday after a bullish correction of a bearish breakdown of the 1.10440 intra-day horizontal support. Technicals support bears more than bulls. And the dominant technical structure is bearish.
EURUSD price action on the H4 time frame is consolidating within a falling channel (red). Presently, price action is just below the upper boundary of the channel. Technically, we can expect a bearish drive to the lower channel trendline in the early part of the week.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
Four weeks ago, GBPUSD market operation on the weekly time frame made a bullish drive to retest the 1.30810/1.32750 horizontal resistance zone (purple) but there was a feeble bearish resistance a week later. Presently, market operation is sideways at the lower part of the 1.30810/1.32750 horizontal resistance zone (purple).
GBPUSD price action on the daily time frame went sideways on Friday after bulls pushed back a bearish breakdown of the 1.30810 intra-day horizontal support. Although we may still see some bullish move within the 1.30810/1.32750 horizontal resistance zone (purple) in the early part of this week, the dominant technical structure is bearish.
GBPUSD price action on the H4 time frame has developed an intra-day flag or falling channel (red). Presently, price action is sideways at the upper end of the channel. Recent technical prints at the upper region may incentivize a northward liquidity sweep before a bearish rotation. The dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame is bullish. Last week, market operation printed a bullish candlestick as a follow-up to the relatively big bullish print that broke above the 2469.19/2526.08 horizontal resistance zone (magenta) two weeks ago.
XAUUSD price action on the daily time frame is in a rising channel (red). Presently, price action is at the upper trendline of the channel. We may still see further northward move, or sideways of price action, before a southward drive.
XAUSD price action on the H4 time frame is at the upper part of a rising channel (red). Presently, the bullish momentum has declined but bulls are still favoured to make further northward move before a bearish rotation.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
The USDJPY market on the weekly time frame had been operating within a rising channel (purple) for several weeks but had been broken down a few weeks ago. However, last week, there was a bullish pullback. Presently, the market operation is located at the 143.845 recently broken-down horizontal support, potentially flipping it as resistance.
USDJPY price action on the daily time frame has broken down a rising channel (purple) within which it had been operating for weeks. It is now consolidating within a falling channel (red). Presently, price action is in a bullish mode at the upper part of the falling channel and at the 143.845 intra-day horizontal resistance. Technically, a bearish rotation is in the offing.
USDJPY price action on the H4 time frame went sideways after a bullish charge at the upper trendline of the falling channel (red) within which it is operating. Presently, price action is at the 143.845 intra-day horizontal resistance. Although we may still see a northward retest of an intra-day area of value, the technical impulse and recent technical patterns favour a bearish rotation.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The EURUSD market operation on the weekly time frame went bullish last week to retest the 1.11690/1.12620 horizontal resistance zone (purple). The zone contains the 61.8 Fib retracement of the bearish swing traceable to May 2021. But the bullish candlestick printed last week closed at the lower boundary of the zone.
EURUSD price action on the daily time frame put on a bullish mode on Monday last week but went sideways between Tuesday and Wednesday. On Thursday it regained a bullish mode to retest the 1.11690 intra-day horizontal resistance. However, there was no bullish follow-up on Friday as price action printed a doji-like candlestick. Although we may still see further northward move in the early part of this week, there is a decline in directional momentum as price action tackles the 1.11690/1.12620 horizontal resistance zone (purple), seen on the weekly time frame. The zone contains the 61.8 Fib retracement of the bearish swing traceable to May 2021.
EURUSD price action on the H4 time frame went sideways as it tackles the 1.11690 intra-day horizontal resistance. Technically, there is a decline in bullish momentum, but we cannot rule out further northward move before a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame is bullish. Last week, market operation broke above an area of consolidation that has held for three weeks. Technically, we may still see further northward move in the early part of this week.
GBPUSD price action on the daily time frame is in a bullish mode. It is operating in a rising wedge (red) and presently it is at the upper area of the wedge. Besides, on Friday, price action broke above the 1.32750 intra-day horizontal resistance. Technically, we may still see further northward move in the early part of this week but the dominant technical structure is bearish.
GBPUSD price action on the H4 time frame is consolidating above the 1.32750 intra-day horizontal resistance. Although, technically, we may still see further northward move in the early part of this week, the dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame is in a rising channel (red). Although the market operation is bullish, the bullish momentum is declining. Last week, market operation printed a bullish candlestick with a prominent wick at the upper channel trendline.
XAUUSD price action on the daily time frame went sideways after a bullish drive to the upper trendline of a rising channel (red). Last week Friday, price action printed a bearish candlestick which closed below the opening of the bullish candlestick printed on Thursday. Technically, this supports further southward move at least on a short-term basis.
XAUUSD price action on the H4 time frame has been in a consolidating mode for much of last week but there was a bearish breakdown of the mode towards the end of Friday. Thus, the technical impulse favours bears more than bulls. And we may see further southward move in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
After the USDJPY market operation on the weekly time frame broke down a long-term rising channel (purple), it is now within a falling wedge (red). Last week, the bearish print had a long wick, which technically favours bears more than bulls. Technically, although we may still see a bullish correction in the early part of this week, bears are favoured to sweep further downwards. Presently, market operation is at the 142.470 mini-horizontal support.
USDJPY price action on the daily time frame is within a falling wedge (red). Presently, price action is sideways in the middle of the wedge and tackling the 142.470 intraday horizontal support. Recent technical prints favour a bearish market engineering, perhaps after a northward correction in the early part of this week.
USDJPY price action on the H4 time frame is presently bearish. The technical impulse supports further southward move, perhaps to retest an intraday area of value.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame is sideways within a rising channel (red). Last week, market operation printed an indecision candlestick within the channel as opposed to the bullish print of two weeks ago. Presently, market operation is just below the 61.8 Fib retracement of the bearish swing traceable to May 2021.
EURUSD price action on the daily time frame is sideways at the 1.11690 intra-day horizontal resistance area. The area has held as horizontal resistance since August 25, 2024. We cannot rule out a bearish pullback from the area in the early part of this week.
EURUSD price action on the H4 time frame is operating within a rising wedge (blue). Presently, price action is navigating the 1.11690 intra-day horizontal resistance area; an area the has held as horizontal resistance since August 25, 2024. Recent patterns support a southward market engineering, but this may be short live.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame is in a bullish mode but there is a decline in bullish momentum. Recent price action has produced a rising wedge (red) but it is narrowing.
GBPUSD price action on the daily time frame is ranging just below the 78.6 fib retracement area of the bearish swing traceable to May 2021. Also, recent price action has produced a rising but narrowing wedge (red), which, technically indicates a slowing down of bullish momentum.
GBPUSD price action on the H4 time frame is consolidating within a rising channel (blue). But there is little directional play within the channel. Presently, price action is just below the 78.6 fib retracement area of the bearish swing traceable to May 2021.
I may be wrong. Trade safe and prosper.
Trap
