Weekly Setups – February 21, 2022

GBPJPY Technical Analysis

GBPJPY price is at a critical area, where I am excited to see what will happen next. Price is a very strong support with support points marked with yellow dots. If the support holds and price breaks the marked resistance zone we could see price possibly making higher highs. Also, if the resistance holds and the support is broken then we could see more downside. Based on the H1 timeframe price just pushed out of the wedge and usually, this is a bearish pattern but based on the strong support we could see bullish moves hence the reason I’m looking out for a break both ways.

USDCAD Technical Analysis

USDCAD has been in a channel for the past few weeks and I am eagerly awaiting a breakout. This is a simple setup just a break of the highest point on the resistance or a break of the lowest low on the support line. Lets see if we will get a break this week!

All the best!!