Technical Report- Update (+240 pips !) and new Ideas

This report will update the setups discussed in the ‘FX Technical Report – Week Ahead’ published on the 29th August and look at new potential opportunities
Summary of previous positions and if target has been met

• EUR/USD – Long Bias  , Target met  ? Yes (+100 pips) 
• USD/CAD – Short Bias , Target met? Yes  (+50 pips)
• GBP/JPY  – Long Bias , Target met? Yes (+90 pips)

EUR/USD

As indicated above, prices respected the channel structure , pushing higher to test the upper trend line resistance of the channel structure and briefly touching the 1.2 level mentioned in the previous brief.
USD/CAD

Prices respected the clear downtrend formation with multiple lower highs and lower lows, resulting in the target area being met.
GBP/JPY

GBP/JPY price action followed our proposed second entry, where prices broke above the key orange support’ retested then continued towards the previous high which was successfully met.
Summary of new trade ideas

• GBP/JPY – Short Bias
• CAD/JPY – Mixed Bias

GBP/JPY

The structure for GBP/JPY has shifted since the previous set up , as illustrated above, price action has created consecutive lower highs and lower lows. This down trend has also been reinforced with the bearish channel structure. Latest price action has seen a successful rejection and bearish candle close from the upper trendline resistance of the channel – suggesting a leg lower to come. Traders can also wait for the break of the intraday 140.860 support level for more conservative shorts, however it should be noted this support is not strong and has seen multiple false breakouts.
CAD/JPY

Price action on CAD/JPY seems to be respecting the lower trendline support strongly , backed by multiple rejections and bullish actions thereafter. The same goes for the upper trendline resistance. Currently prices are at an interesting point where a rejection of the ‘mini resistance trendine’ (drawn within the channel) could see the support trendline being met again whilst a break above is likely to see the upper trendline resistance being met.