The USDJPY is market is bullish. On the weekly time frame, a bullish continuation candlestick printed last week closed above the high of the ‘wicky’ bullish candlestick printed two weeks ago. The top wick of the candlestick printed two weeks ago was a bearish pushback from the significant 112.200 horizontal resistance area. The bullish close in the area last week is an indication of bullish intent to seek further northward targets. This may expose the 112.820/114.125 horizontal resistance zone (red) seen on the monthly time frame, which also contains the operating weekly supply. The 110.300/109.140 area (purple) is the prevailing horizontal support and contains the operating weekly demand.
USDJPY price action on the daily time frame is bullish. On Friday last week, price action flipped the 111.600 former horizontal resistance as support, and we may see a bullish continuation in the early part of this week. However, the 112.820 area, which is the lower boundary of the operating monthly horizontal resistance zone, and the operating weekly supply is about 70 pips away, and this may hinder a sustainable bullish drive. The 110.300/109.140 area (purple) contains the operating weekly demand.
USDJPY price action on the H4 time frame is bullish but it is tackling the resistance trendline of a rising wedge (blue). It is also about 70 pips from a horizontal resistance zone seen on the monthly time frame. Therefore, we may not see much bullish drive in the early part of this week. We may see some sideways of price action, or even a bearish dip, before a northward drive.
The EURSD market is still in a bearish mode. On the weekly time frame, market operation is in a falling wedge (blue). The 1.175350/1.19120 horizontal resistance zone (red) is still intact and nestled within it is the prevailing 1.17900/1.19120 weekly supply zone. Although, technically, we are in a bearish environment, market operation is now at the 1.15700 monthly horizontal support area (green) and caution is advised. Last week, market operation printed an indecision candlestick with a bearish tinge in the area, indicating bullish hindrance to bearish momentum. We may see further sideways of market operation or even a northward pullback this week. But a significant bearish breakdown of the 1.15700 area (green) may threaten the 1.14000 handle (purple).
EURUSD price action on the daily time frame is in consolidation within a falling wedge (blue) as it entered the 1.15700 monthly horizontal support area (green), and at an intersection with the wedge support trendline. Last week Friday saw the printing of a bullish candlestick, which really is less significant when compared to the prevailing bearish prints during the week. Technically, any bullish move is corrective as the impulse is under bearish influence with new supply zones being created on the daily time frame. Nevertheless, we may see a bullish pullback to an area of value such as the 1.1700 area before further southward continuation.
EURUSD price action on the H4 time frame briefly broke below the 1.15700 monthly horizontal support area (green) before moving some pips above it. It is now in consolidation. Any bullish breakout may see a retest of the H4 supply above 1.16000 area but a bearish rejection of the area, or another area of value further north, before a southward turnaround. Such a southward turnaround may break down the 1.15700 monthly horizontal support area (green) for further bearish drive. I am more bearish EURUSD than bullish, but I need a northward pullback to an area of value before looking for a sell trading opportunity.
GBPUSD market operation is in a falling wedge (blue). On the weekly time frame, two weeks ago, market operation threatened the 1.35300 horizontal support (light green) by surging below it but failed to close below. Last week, bulls offered a strong challenge to any further bearish control, resulting in the printing of a bullish candlestick that closed about 60 pips above the 1.35300 horizontal support (light green). This really is not a strong bullish effort and bears are still more influential in the market than bulls. Apparently, bulls are attempting a retest of the 1.37470/1.39000 weekly supply zone (red), which is nestled within a monthly supply zone.
A bullish failure would incentivize bears to pursue a southward rotation. The 1.34120/1.31300 area (green) is a major horizontal support zone.
GBPUSD price action on the daily time frame is operating within a falling wedge (blue). On September 29, price action broke below the 1.35300 horizontal support (light green) and the wedge support trendline. However, it was rather brief, as bulls effected a northward pullback into within the falling wedge (blue). Presently, price action is sideways, but bulls are still in contention. We may see a further northward move, perhaps for liquidity grab, before a southward continuation as the technical impulse on the weekly time frame favours bears more than bulls. The 1.37470/1.39000 weekly supply zone (red) is still intact.
On the H4 time frame, on Monday and Tuesday last week, GBPUSD price action made a 78.6 Fib retracement of a downward swing from 1.37165 to 1.341000, apparently to retest the H4 supply around 1.37000 but failed. It created another supply area around 1.36200 on Wednesday, which it retested on Thursday and Friday yielding a bearish rejection. Presently, it is in a bearish mode around the 61.8 Fib zone and may result in a southward turnaround should there be a bearish follow-through in the early part of this week, particularly with a significant breakdown of the 1.35300 horizontal supply zone (light green) seen on the weekly time frame. The technical impulse and order flow context favour bears more than bulls, so any bullish move in the early part of this week would be corrective in nature.
The USDJPY market is bullish. On the weekly time frame, market operation is now at the upper part of the 112.820/114.125 weekly supply zone (red). A northward break of the zone may target the liquidity at the 115.500 horizontal resistance area (purple), which may threaten the next supply zone around 116.800 (blue). Should bears seize upon any bullish misstep, we may see a southward rotation that may target the 111.500 horizontal support (green).
USDJPY is bullish on the daily time frame. The mix of technical candlesticks favours bulls more than bears, and fresh demand zones are being created. Meanwhile, price action has moved far into the weekly supply zone at the 112.820/114.125 area (red) as the bullish candlestick printed on Friday closed at the upper boundary of the zone. However, we should await what happens in the area in the early part of this week. It would take a significant bullish close above the area, e.g., in the form of a strong momentum candlestick, before we can have confidence in a bullish continuation. We should not be surprised to see a bearish pullback, perhaps to the 113.400 area, where we had sideways of price action between Tuesday and Thursday last week, before any further bullish drive. The 111.500 area (green) is a weekly horizontal support area.
On the H4 tf, price action is in an expanding, rising wedge (blue). Meanwhile, it is tackling the wedge resistance trendline and in a sideway mode. The prevailing, short-term demand is at the 113.600/113.300 zone (Sandybrown), and may attract a bearish retest before any further northward drive.
The EURUSD market is presently sideways after the recent bearish drive. On the weekly time frame, market operation is tackling the 1.15700 horizontal support (green). The last three weeks have seen a bullish rejection of the area despite bearish attempts to break it down. Last week, market operation printed a bullish candlestick in the area in response to the bearish print of two weeks ago, but the bullish print is miniature and could not be relied upon to effect any directional change. Nevertheless, any bullish drive may retest the 1.17530/1.19120 monthly supply zone (red) which also contains the weekly supply, a confluence that is technically difficult to breach and more likely to yield to a bearish rejection. At any rate, a bearish turnaround would initially target the 1.14000 technical reaction area (blue), but the 1.12300/1.16000 prevailing weekly demand (purple) should be earmarked as a medium-to-long-term target of bears.
Price action on the daily timeframe is within a falling wedge (blue). It surged below a significant 1.15700 weekly horizontal support area (green) on October 6, tested the nearby wedge support trendline and turned sideways in the area for several days. Last week Wednesday, it made a bullish drive that close above the wedge support trendline and the 1.15700 weekly horizontal support area (green). However, there was no bullish follow-up as price action printed indecision candlesticks on Thursday and Friday. It is now retesting a daily supply zone around 1.16140. Any further bullish move would face significant challenges northwards, and the technical impulse favours bears more than bulls.
Price action on the H4 tf turned sideways after a bullish rejection of the 1.15700 weekly horizontal support area (green). Although we may see further northward move in the early part of this week, such a move would be corrective in nature. The technical impulse favours bears than bulls and we would likely see a bearish turnaround, perhaps, for another attempt to challenge the 1.15700 weekly horizontal support area (green).
GBPUSD market operation is in a bullish mode. On the weekly time frame, it is presently tackling the prevailing 1.37470/1.39000 weekly supply zone (red) and the resistance trendline of a falling wedge (blue). The technical environment favours bears more than bulls, the 1.34120/1.31300 area (green) is the prevailing weekly demand.
GBPUSD price action on the daily time frame is bullish within a falling wedge (blue). It is tackling the lower part of the prevailing 1.37470/1.39000 weekly supply zone (red), which contains the 1.38000/1.38540 daily supply (magenta). Last week Friday, price action printed a relatively big bullish candlestick that surged to the area but met a bearish resistance, resulting in an upper shadow. Although we may see another bullish retest of the area in the early part of this week, which may result in a brief northward move, bears are still technically favoured to cause a turnaround after such a move; the bearish prints since June 11 have greater momentum behind them than bullish prints.
On the H4 tf, price action has made a 61.8 Fib retracement of the downward swing from 1.39130 to 1.34100. The last H4 session on Friday ended with a bearish print, which is an inside-bar to the preceding bullish print. Although, we may see a sideways of price action in the area, or even a brief bullish move, in the early part of this week, technically the area is susceptible to a bearish turnaround. Besides, the technical impulse favours bears more than bulls. Also, the 1.38000/1.38540 zone (magenta) is nearby the present location of price action, and contains the prevailing daily supply as well as being within a prevailing 1.37470/1.39000 weekly supply zone (red), which would require strong bullish momentum to breach. I am bearish GBPUSD, but I will await a favourable setup after a bullish correction.
USDJPY is bullish. On the monthly time frame, market operation in November made a bullish push into the lower boundary of the operating 114.430/118.540 horizontal resistance (red) before bouncing off it.
USDJPY market operation on the weekly time frame printed a bearish candlestick last week. But the technical impulse is still bullish, there was four weeks of strong bullish drive from the 109.500/110.350 demand zone (green). The bullish drive moved to the lower part of the 114.430/118.540 monthly horizontal resistance zone (red), within which is nestled the 115.190/118.540 weekly supply, where it is experiencing a bearish resistance. Technically, we are seeing a retesting of a strong supply zone but we cannot rule out further bullish move as we still have areas of liquidity nearby. Any bearish drive would meet a few barriers southward, the first one being the 112.000 horizontal support, a bullish rejection of which may give impetus for bulls to drive further northward into the 115.190/118.540 supply zone.
On the daily time frame, USDJPY price action is in a bearish mode, but the technical market environment is bullish. Technically, we may see a bearish retracement to an area of value, such as the 111.740/111.160 demand zone (blue) before a northward turnaround. Technically, I am more bullish USDJPY than bearish, but, as a swing trader, I do not see any feasible buy trade opportunity at the current location of price action.
The USDJPY on the H4 time frame is in a bearish mode. Last week Friday, the last H4 session printed a small bullish candlestick, indicating that bulls are still influential in the market. Although we cannot rule out further northward bullish move, perhaps to around the 114.430 area (red), for northward liquidity grab, presently the technical outlook still favours further southward move. The 111.940/111.500 area (dark violet) is the H4 demand zone, which is nestled in the 111.740/111.160 daily demand zone (blue). Any bullish rejection of the area will likely yield a feasible buy trading opportunity.
The GBPUSD market operation is sideways. On the monthly time frame, market operation in November has made a bullish push to retest the 1.38200/1.40000 horizontal resistance zone (purple) but it is facing bearish resistance.
The GBPUSD market operation on the weekly time frame is in a falling channel (blue) and has rejected the 1.38200/1.40000 horizontal resistance zone (purple) seen on the monthly time frame. Last week, it made a bullish retest of the zone but bounced off it, printing a top-shadow doji-like candlestick at the channel resistance trendline. Technically, the market structure is bearish.
On the daily time frame, GBPUSD price action is in a fallen channel (blue) and has rejected the channel resistance trendline. Also, last week Tuesday, it made a bullish retest of the 1.38000 /1.38500 daily supply zone (red), which was rejected on Thursday, with a bearish follow-through on Friday. Technically, we may see a bearish continuation this week.
Price action on the H4 time frame has broken down a recent demand zone and created a fresh supply zone at the 1.37960/1.38100 area (magenta). Technically we are in a bearish environment, but, as a swing trader, I will await how price action handles the 1.37960/1.38100 area (magenta), or the 1.38380/1.38540 longer-term fresh supply zone (red) or order block, in the early part of this week.
The EURUSD market operation is making a bullish retest of a broken-down horizontal support around 1.16700 (red). The area has held as support since August 2020 before it was broken down by the bearish drive of October. Meanwhile, on the monthly time frame, the bullish market operation in November retested the area but met with some bearish resistance.
EURUSD market operation on the weekly time frame has broken the technical structure southwards, creating a fresh supply zone at 1.17900/1.19120 (purple). Meanwhile, it is making a bullish retracement to retest a former horizontal support at 1.16700 area (red). The area has held as support since August 2020. Last week, a bullish candlestick entered the area but met some bearish pressure. How market operation handles the area in the early part of this week should be watched. Pattern traders may see a recent completion of an ‘M’ formation, which may suggest a possible retracement to the mid-line, around 1.17900, before any southward turnaround.
EURUSD price action on the daily time frame is in a falling wedge (blue). Meanwhile, it is at the wedge resistance trendline where it settled to a sideways mode after bouncing off the broken down 1.16700 former significant horizontal support (red) seen on the monthly time frame. We may see further bullish push northwards, perhaps to retest the 1.16860/1.17500 daily supply zone (magenta), before a southward rotation. Any such southward rotation would likely flip the 1.16700 area (red) as resistance and may lead to sustainable bearish drive. I am bearish EURUSD, but I will await how price action handles the 1.16860/1.17500 daily supply zone (magenta).
The USDJPY market is bullish. On the monthly time frame, market operation has broken above the previous 111.00 horizontal resistance (green), being flipped as support and the market operation in October entered the lower area of the operating supply zone, represented by 114.30/118.650. The 114.30 area itself is a multi-year horizontal resistance. Such an area would likely see some sideways of market operation before a directional momentum kicks in.
The USDJPY market operation on the weekly time frame is bullish but presently in a sideway mode as it tackles the 114.30 horizontal resistance area (purple). Three weeks ago, a relatively big bullish candlestick surge into the area, this was resisted the following week with a bearish print but has no significant impact. Last week, a relatively less significant bullish candlestick was printed to counter the bearish move, resulting in a seesaw mode. We should, however, note that market operation is at a relatively strong resistance area – an area which was last visited in September 2018, and we cannot rule out further bearish pushback.
Price action on the daily time frame surged to the 114.30 multi-year horizontal resistance area (purple) on October 15 but was met with bearish resistance. Meanwhile, it has turned sideways as price action navigates the area. A supply zone, the 114.20/114.45 area (red), is now being retested by bullish price action. What happens in the early part of this week should be watched as trading the USDJPY at the current location would not yield sustainable result. The 113.20 area (blue) is the immediate horizontal support and an initial target of any bearish drive, while the 114.30 multi-year horizontal resistance would pose some challenge for bulls to significantly breach northward.
The EURUSD market is in a bearish mode. On the monthly time frame, the September market operation broke down the previous horizontal support around 1.17300 (purple)and the October bearish print flipped the area as resistance with a long-tailed doji-like candlestick.
Market operation on the weekly time frame is bearish. After the bearish breakdown of the 1.17300 former horizontal support (purple) five weeks ago, market operation made a bullish retest of the area and was rejected last week with a bearish engulfing candlestick. However, market operation is presently tackling the 1.15400 horizontal support area (green) and we may see some brief bullish pullback or sideway of market operation before bearish directional continuation.
Price action on the daily time frame is bearish. However, it is now retesting the 1.15500/1.15200 demand zone (green). There was a relatively strong bearish drive into the zone on Friday, but the lower shadow of the candlestick indicated bullish resistance. We may see some brief bullish or sideways price action in the zone in the early part of this week before a bearish directional momentum continues.
The GBPUSD market operation is sideways. On the monthly time frame, market operation turned bearish in June after peaking at the 1.42400 horizontal resistance (red) in May but went sideways for the next two months. A brief bearish follow-through occurred in September, but bulls seized on bearish missteps to push for a northward mode in October. Meanwhile, the 1.34000 area (green) is the horizontal support. The 1.42400/1.34000 range has been in place since May 2018 and how market operation breaks it either way could be significant for directional momentum.
On the weekly time frame, market operation is sideways within a falling wedge (blue) but the technical impulse favours bears more than bulls. Several weeks ago, there was a relatively strong bearish drop from the 1.42400 horizontal resistance (red) seen on the monthly time frame. A bearish pin bar formed two weeks ago rejected the wedge resistance trendline. And last week, a bearish engulfing candlestick was formed at the nearby 1.36820 horizontal resistance. Technically, we may see further bearish move this week, although we cannot rule out an initial bullish pullback or a sideways of market operation before directional southward drive.
On the daily time frame, price action is in a falling wedge (blue). It has rejected the 1.37900/1.38400 daily supply zone (magenta) and the wedge resistance trendline. Technically, we are in a bearish mode but, presently, price action is tackling the minor 1.36700 horizontal support (green). We should expect a brief northward pullback or sideways of price action before a southward continuation.
XAUUSD market operation is in the bullish pullback of a bearish swing from the 1909.00/1881.70 horizontal resistance zone (red). There has been a long period of sideways market operation on the weekly time frame as bears made several attempts to break down the 1748.50 horizontal support (green). Technically, we may see further bullish pullback, perhaps, for liquidity grab at an area of value, such as the 1836.00 area.
XAUUSD price action is bullish on the daily time frame after it retested the 1772.00/1760.00 area. This is likely to be a temporary corrective move as the main technical impulse is bearish with the 1899.30/1888.30 supply zone (magenta) still active. A bullish pullback for liquidity grab at an area of value may be a first step before a southward turnaround.
XAUUSD price action on the H4 time frame is bullish but it is approaching a supply zone around 1826.80/1822.30 (purple). So, we may have to await how price action handles the area in the early part of this week. We may see further bullish move, but a directional momentum is not likely to be sustainable until price action has effectively tackled the area – with either a significant breakout or bounce.
USDJPY market operation is sideways after a period of bullish operation. On the weekly time frame, market operation is retesting the 116.80/113.90 supply zone (red). The zone has held as supply since January 2017. Such a zone may see some sideways of market operation or even a brief bullish breach before a southward turnaround. But a directional momentum would not be sustainable until the zone has been significantly breached northwards or significantly rejected southwards. A bullish breakout from the 113.90/116.80 area may push towards another significant longer-term supply at the 116.80/118.60 area (purple) or to an area of imbalance before it.
USDJPY price action on the daily time frame is experiencing a bearish pressure after a significant bullish run. It entered the lower part of the 116.80/113.90 supply zone (red) seen on the weekly time frame before it turned sideways. Presently, it is in a congestion area, and we may see further sideways of price action. But a breakdown of the area would see a bearish drive to an area of value such as the 111.60 area. Any bullish turnaround could see price action retest the upper part of the 116.80/113.90 supply zone or an area of value above it.
USDJPY price action is bearish on the H4 time frame. After a sideways operation at a multi-year horizontal resistance area whose lower boundary is at 113.90 (red), price action is now retesting the 113.30/113.54 demand zone (blue). The last H4 session printed a relatively small bullish candlestick in the zone, an inside candlestick to the preceding bearish candlestick, which is indicative of a potential pullback.
The GBPUSD market is in a bearish mode and operating in a horizontal channel spanned by the 1.37330/1.33800 zone (purple). A bearish candlestick printed last week closed below a previous horizontal support from which a bullish pullback was initiated five weeks ago. A significant breakdown of the nearby 1.33800 horizontal support area could initiate bearish directional continuation.
GBPUSD price action on the daily time frame is in a bearish mode. It created a supply zone at the 1.38160/1.37390 area (red), and on Thursday it made a relatively strong bearish breakdown of an order block at the 1.36900/1.36130 area (magenta). Although the doji-like print of Friday indicates that bulls are making a pushback, bears are technically favoured to retain market influence.
GBPUSD price action on the H4 time frame is making a bullish retracement of a bearish swing. We may see further bullish move to an area of value, such as the 1.35300/1.36250 area (magenta), in the early part of this week before a southward rotation.
The EURUSD market is bearish. Market operation is below the 1.19500/1.18400 monthly supply zone (purple). On the weekly time frame, a bearish swing was initiated from the 1.191120/1.18500 weekly supply (red) which is nestled in the monthly supply zone. Presently, market operation is sideways as it tackles the 1.15200 horizontal support (green), where it printed a doji-like candlestick last week. Technically, we are in a bearish environment but there is a bullish pushback.
EURUSD price action on daily time frame is in a falling wedge (blue) and tackling the 1.15200 horizontal support (green). The technical impulse favours bears but the bullish candlestick printed on Friday signposts the intent of bulls to contend market influence. We may see some sideways or a bullish price action in the early part of this week before a southward continuation.
EURUSD price action on the H4 time frame is technically bearish. It is breaking down demand zones and creating supply zones and the technical bearish prints are more imposing than the bullish prints. However, the last two H4 sessions on Friday saw bullish price action seizing market influence to produce two bullish candlesticks. But this is more likely a retracement for liquidity grab, perhaps at an area of value, such as the 1.16360/1.16500 imbalance area (magenta), before a southward rotation. Nevertheless, as price action is tackling a significant horizontal support around 1.15000 (green), any significant breakdown of the area would lead to a bearish drive.
The XAUUSD market operation is bullish. On the weekly time frame, it is heading for a retest of the 1881.70/1914.60 weekly supply zone (purple). Meanwhile, last week’s market operation printed a bullish candlestick that closed at a falling trendline traceable to August 2020. A bullish breakout from the trendline would have to confront the barrier at the 1881.70/1914.60 weekly supply zone (purple). Technicals favour a bullish breakout than a bearish rejection.
The XAUUSD price action on the daily time frame has been in a parabolic bullish run for several days, but last week it confronted a falling trendline (blue) and went sideways on Thursday and Friday. Nevertheless, technicals still favour bulls and we may see further northward move in the early part of this week, particularly for liquidity grab as price action approaches the 881.70/1914.60 weekly supply zone (purple), which also contains the prevailing daily supply zone. However, the parabolic nature of the recent bullish drive is technically unsustainable and may give way to a bearish correction.
The XAUUSD price action on the H4 time frame is experiencing a bearish pressure as it tackles a falling trendline (blue) seen on the weekly time frame and approaches the 1873.90/1878.10 order block (magenta), which is near the lower part of the 1881.70/1914.60 weekly supply zone (purple). Technically, we may see a northward drive for liquidity grab in the early part of this week before a southward rotation.
The USDJPY market is bullish but presently in a sideways mode. On the weekly time frame, market operation turned sideways for four weeks after a strong bullish run five weeks ago. It is presently retesting the 114.00/115.40 supply zone (purple), which was last tested in December 2018. Although we may see further bullish move in the area or sideways of market operation, it would require a significant bullish breakout from the zone, or a significant bearish bounce, before we can expect any sustainable directional momentum.
The USDJPY market operation on the daily time frame is experiencing a bearish pressure as it tackles the lower part of the multi-year 114.00/115.40 supply zone (purple) seen on the weekly time frame. The last few days have seen the printing of ‘wicky’ top-candlesticks, which may incentivize bulls to grab more liquidity northwards before any bearish pullback.
The USDJPY price action on the H4 time frame is experiencing some bearish pressure as it tackles a multi-year horizontal resistance zone. Technically, bulls are still more favoured than bears and we may see a retest of the H4 time frame supply zone around 114.36/114.68, or even further northward, in the early part of this week before a southward pullback.
The EURUSD market is bearish. On the weekly time frame, market operation broke below the 1.15230 horizontal support area last week and presently tackling the 1.14400 horizontal support area (green). The 1.15910/1.16690 area (purple) is the prevailing supply, and it may see a bullish retest before a sustainable bearish drive.
The 1.15670/1.16090 area (red) is the prevailing daily supply and nestled in a weekly supply zone. Price action is bearish on the daily time frame but has met a bullish pushback at the 1.14400 horizontal support area (green) seen on the weekly time frame. Should bulls sustain their pressure on the market we may see a bullish move in the early part of this week, maybe to retest the 1.15670/1.16090 daily supply (red) or an area of imbalance before a southward continuation.
On the H4 timeframe, as price action tackles the 1.14400 horizontal support area (green) seen on the weekly time frame, it made a bullish move in the latter part of last week but settled into a sideways mode before the close of market on Friday. Technically, bears are favoured more than bulls, but we may see a northward corrective move for liquidity grab in the early part of this week before a southward turnaround.
