S/R Based Technical Analysis

[DFM8]

This thread will track important S/R levels and possible price reactions at they levels.

It's focus will mainly be JPY pairs and USD pairs. Although other things will be followed when displaying good price moves that will work well with S/R technical analysis.

 

[DFM8]

GBPJPY - 4 HOUR CHART

149 level offers strong support.
Strong selling has paused, giving "spinning top" and "doji" like candles on this level.
From here, we may reverse and trade back through the area price has fallen from, or, if price breaks, it may fall into the white zone.

Trade ideas;

High risk:reward buying around CMP (149.10), stop 146.70.
Wait to see if there is a break of 149.00 and sell retests.

 

[DFM8]

Buy moving well.

Upside targets marked in this chart.

 

[DFM8]

Bullish momentum and retrace, second buying spot CMP 149.55. Same stop.

 

[DFM8]

EURUSD

15 minute chart;

EURUSD is reaching support levels and offering buying opportunities.

1.2512 - 1.251 are ideal buying areas.

1.287 stop loss level.

A new high can be targeted at 1.2561.

 

[DFM8]

CADJPY approaching big daily support area.

Price could bounce 300 pips back upward to 86.80 from this level and maybe continue higher. A break of this level would make it more likely price would continue to fall 300 pips more.