Last week I shared with you my thoughts on USDCAD.
I am still waiting for the pair to start its climb.
Looks like this might happen this week.
There was a pin bar on the 4H chart. I would have traded it if it did not occur on Friday.
Since I do not like to start building a position over the weekend, I decided to wait until Monday.
After market open, I will decide if I will initiate a long position.
USDJPY Trading Analysis
Today, I have also noticed that USDJPY has bounced off strongly an old demand zone.
There was also a bullish engulfing pattern on the daily chart as you can see from the screenshot above.
On top of that, there was pin bar on the weekly chart:
All of these signs are boding well for the bulls.
I am expecting to see a lot of activity around USDJPY in the weeks to come.
Might consider opening a long position this week, if I see the price forming a bullish candlestick after a small retracement to 105.50.
If we see a clear break above the 106.00 handle, then 110.00 is the next potential resistance area.
Have you read my recent article on Swing Trading?