EURUSD – Sell Zone in Play (4hr chart)
Last week we discussed our preference to sell the Euro on rallies into our sell zone between 1.2515 and 1.26. The pair went right into our sell zone before finding strong offers which sent the pair about 90 pips lower.
For now, we remain bearish and will look to sell any new weak rallies into the sell zone. Only a daily close above 1.26 changes the ST bearish bias.
Downside targets are 1.2375 and 1.21.
GBPJPY – Price Action Squeeze (4hr chart)
After bouncing off the 184.13 buy area we talked about in prior commentaries (which have profited nicely by those who traded them), the GBPJPY continues to form higher lows while attacking the same resistance near 186.
Notice the price action squeeze and pre-breakout structure forming, also supporting this picture. I’m suspecting a breakout and push higher, so look for a potential breakout trade, or breakout pullback setup after clearing the resistance.
Upside targets are 189 and 191.
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