Weekly Technical Analysis of USD/JPY, USD/CAD, and EUR/GBP [Video]
In this week’s technical analysis, we will be focusing on three major currency pairs: USD/JPY, USD/CAD, and EUR/GBP. These pairs have been showing interesting price movements and trends in the forex market, making them important to watch for potential trading opportunities.
First, let’s take a look at USD/JPY. The pair has been trading in a range-bound pattern, with resistance around the 110.50 level and support near 109.50. Traders should watch for a breakout above or below this range to determine the next direction of the pair. A bullish breakout could lead to a retest of the 111.00 level, while a bearish breakout could see a decline towards the 109.00 level.
Next, we have USD/CAD. The pair has been in a strong uptrend, with resistance near the 1.2800 level and support around 1.2600. Traders should watch for a potential pullback towards the support level before considering long positions. A breakout above the resistance level could lead to further gains towards the 1.2900 level.
Lastly, let’s look at EUR/GBP. The pair has been trading in a descending channel, with resistance near 0.8600 and support around 0.8400. Traders should watch for a breakout above the channel to signal a potential reversal in the pair’s trend. A bullish breakout could lead to a retest of the 0.8700 level, while a bearish breakout could see a decline towards the 0.8300 level.
Overall, these three currency pairs are showing interesting price movements and trends that traders should keep an eye on for potential trading opportunities. Watch the video for a more in-depth analysis of these pairs and possible trading strategies.