Oil, Gold and Yen Price Action Setups

Talking points:

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- In this webinar, we used price action to look at longer-term setups in key markets like Oil, Gold and the Japanese Yen. We had touched on Oil and Yen earlier today in this morning’s Market Talk article, which you’re certainly welcome to read from the link below.

Oil, Yen and the Prospect of Fresh Trends

- We spent a considerable amount of time looking at various Yen-pairs. USD/JPY continues to trade near a long-term level of support, and we also extrapolated that to look at support in GBP/JPY and EUR/JPY. If you would like to see more behind those setups in Euro and GBP versus the Japanese Yen, please click on the representative link below:

EUR/JPY Technical Analysis: Another Test of Confluent Support

GBP/JPY Technical Analysis: Three Strikes of Support

- We also looked at a long-term trend-line projection in Oil. This trend-line can be found by connecting the low in December of 1998 to the low in January of 2009; and this trend-line became support in early 2015, and more recently resistance over the past three months. We can combine this with an evening star pattern on the monthly chart to open the door for down-side plays.

Chart prepared by James Stanley

--- Written by James Stanley, Analyst for DailyFX.com

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