| USDCAD moved lower and tested the 200 hour MA target on the downside. Buyers stalled the fall. The price moved back higher. That move to the upside took the price back to the 100 hour MA where sellers are now leaning. So buyers against the 200 hour MA below. Sellers are leaning against the 100 hour MA. Traders will be looking for the next shove outside that area for the next bias clues. |
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The USDJPY traded up and down this week with clearly defined support and resistance levels. When a break higher failed earlier this week, the price rotated lower. However, the low found support against a key MA level, giving the buyers the go-ahead to re-probe the upside.
On Friday, May 12, the price moved above a key MA level, a key swing area going back to February, and the storyline took a twist with buyers taking more control.
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Stay updated on the USDJPY chart and make informed trading decisions with our forex technical analysis. Subscribe for more market updates and share your thoughts in the comments below. Stay ahead in the forex market!
The GBPUSD moved to a key target level on the daily chart, and found sellers. What next?
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