The Price Action Trader

Welcome to today's weekly forex forecast. I will take you through how I plan to trade the EURUSD and GBPJPY for the week ending 19 January 2024. Watch the video below and scroll down for the annotated charts and analysis : EURUSD The price has been ranging since the false break event was confirmed at the beginning of the year. As long as 1.100 holds as resistance, I will remain cautiously bearish targeting a move towards the 1.0800 region, the next key support area. GBPJPY Price action is bullish following the breakout event on Wednesday 10 January. I anticipate the breakout area of 184 to act as a role reversal level i.e. new support for the PA to be convincingly bullish. Given the overall trend is still ranging, I will approach this setup very cautiously.

The current resistance is at the 0.6400 - 0.6375 range. Last week's price action saw the level hold as the price reversed and is currently at  0.6200 , a swing point on the chart. For the coming week, a close and hold below 0.6200 could see the pair rally back to the recently broken 0.6050 role reversal level. If 0.6200 holds as support and the price paints a continuation of the bullish rally, I will be taking a long take targeting 0.6400 and 0.6500 depending on what the chart prints. Check out the video analysis for the analysis