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Nice potential trend break here with USDJPY, price may reject from the 105.340 resistance level and rise back up to retest the support level up at 107.900, before rejecting again and falling all the way down to the 105.200 mark where it meets the trend line. If a breakout occurs at this trend line then expect it to drop down to 104.400, reject and retest the trend ...
If there is a rejection at the resistance level around 0.94800, price will likely drop to the lower support level creating an ascending channel. If this occurs, price could potentially drop as low as the 0.92900 support line meeting with the new ascending trend line resulting in around -175 pips (before rejecting again and reversing back up to 0.95000 mark).
Potential to catch AUDUSD going up on the new downtrend. Buy as price goes up towards the new level of resistance and catch around 90 pips before it retests and bounces back down towards the support level at the 0.776230 mark.
**This published idea is for my own personal practice which I currently use on a demo account and do not guarantee it is completely accurate**
If there is a retest at the resistance line it is possible that the price will shoot up towards the trend line making for a good potential BUY opportunity. If the price continues to breakout from the line of resistance then price will head down and likely retest the lower support level.
Possible breakout at the trend line, if it clears the resistance potential for a good BUY opportunity up until the next line of resistance. Likewise if the price drops down to the support line and breaks there is potentially a good SELL opportunity.
Basic Support and Resistance of AUDUSD daily chart.
basic Support and Resistance analysis on daily timeframe for GBPUSD. Potential BUY before retest.
Simple support and resistant analysis on daily chart for EURUSD.