Strong sell on the JPY, Silver tries a reversal

Silver tries to create a double bottom formation but for this, we need to see the price closing above the resistance on the 16.15 USD/oz. That would also create another hammer on the daily weekly chart.

USDJPY broke all major resistances along with the long-term down trendline. That is a strong buy signal, especially for long-term investors.

CADCHF is having an interesting price action setup, where the price bounced from the 38,2% Fibonacci and broke the lower line of the wedge. We also had a help from the BoC. Despite that, today the price goes a bit higher. The sell signal is still on the table though.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire

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