ChartPros Market Insights

Why did the global markets drop sharply today? What does it have to do with Japan?

And what is a "carry trade?"

It turns out those questions are all closely related so we'll address them and review the USD/JPY foreign exchange pair from a price action technical analysis perspective.

Sort of a unique week that should be treated uniquely...

We can’t remember the last time that there was a 4 day trading week where Wednesday was the off day.  That coupled with indice prices trading at or near all time highs truly makes this unique trading conditions. 

So while we're watching indice charts for intraday setups the real edges may be found in Forex or Commodities for a while.

Yes, the NHL playoffs are in full swing and it was about this same time last year when we last featured the Forex pair USD/CAD from a price action technical analysis perspective.

Plus, this is one of 16 charts we post daily in our highly rated members only trade room.

The EUR/JPY is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the Japanese yen of Japan (symbol ¥, code JPY).

Price has been consistently making a series of higher highs and higher lows during the past decade and recently broke above long time resistance at 164 reaching levels not seen in about 15 years.

It's one of the most frequently requested Forex charts we get, see where price could be heading.

Today's charts of the day is from our Members Only Trade Room where we post 15+ indices, commodities, and Forex charts.

Specifically, this is our Forex lower time frame MARK grid intended more for shorter term spot / Nadex trades.

Today we'll take a look at the Forex pair AUD/JPY.  We can see on the weekly chart that price has steadily been making a series of higher highs and higher lows since April 2020. 

During its ascent price has risen from 60 to nearly 100.  But is it running out of steam?

Perhaps but not necessarily...

In response to all the Forex chart requests we've received today's chart of the day USD/JPY is presented in both a higher time frame weekly chart and a lower time frame 4 hour chart.

This allows for a birds eye view to help determine market sentiment and directional assessment for those who considers themselves "traders vs investors".

Levels of interest are presented in both directions.

With 8 out the the last 12 days producing a green candle can the EUR/USD bulls keep pushing higher?

After creating a decisive bottom near 1.064 price has been charging hard towards a psychological "big round number" 1.10 including powering up and through a daily change control zone as if it didn't even exist...

Today we look at another forex chart, the Aussie Dollar AUD/USD.

It would seem like the bulls are large and in charge the past couple of weeks and gunning for 0.68 - 0.69 area.  But not so fast my friends...

Because on the daily chart price is now tip toeing as we like to call it through a change control zone.  So what exactly does that mean?

Find out now!

Today we look into the Forex markets to check in on USD/CAD and notice that price is in familiar territory dating back to October 2022.

The zone between 1.357 and 1.365 has acted somewhat as a magnet with attempts to break away from that range in both directions but ultimately coming back and passing through it making 20 round trips during the last 8 months.

Would you like charts like this delivered directly to you every day?  ChartPros Trade Room is offering a 7-day free trial at this link.