USDJPY Three Inside Up 4-Hour Chart
Resistance: 84.39 strong/84.62 moderate/84.85 minor
Support: 84.17 moderate/83.94 minor/83.71 minor
USDJPY has a bearish bias though 4-Hour charts has formed a bullish reversal pattern Three Inside Up. With a strong resistance at 84.39, the Pivot Point, just ahead of the pattern the preferred course of action is to wait for a push past 84.39 before buying. Immediate target is 84.62 then on to 84.85. Stops should be placed below the patterns low.
AUDUSD Bullish Harami Hourly Chart
Resistance: 1.0497 strong/1.0518 moderate/1.0555 minor
Support: 1.0460 moderate/1.0439 minor/1.0402 minor
Market bias for AUDUSD is bearish with prices under a strong resistance level at 1.0497 the Pivot Point. Given that Bullish Harami is a low level bullish reversal pattern it is necessary to look for a close above the strong resistance first before taking action. Immediate objective when taking a buy should be a push for 1.0518 break of which opens 1.0555, a stop loss should be placed below the patterns low.
USDCAD Bearish Engulfing 4-Hour Chart
Resistance: 0.9900 moderate/0.9913 minor/0.9938 minor
Support: 0.9875 strong/0.9862 moderate/0.9836 minor
USDCAD is generally bullish with 4-Hour Bearish Engulfing occurring near a strong support level at 0.9875, the Pivot Point. With the pivot directly beneath us a close under 0.9875 has to be seen before jumping short. The immediate object will be 0.9862 break of which suggest you have a tanking market with 0.9836 as its target. Stops should be placed above the Pivot Point or alternatively the patterns high.
Learn more about the chart patterns and how to recognize them in our Learning Center: Japanese Candlesticks - A Way To aLook At Prices