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GBJPY showing rejection and AUDUSD 4hr setup

GBPJPY:

The GBPJPY rotated higher over the last 24hrs along with most of the other major currency pairs. We have seen a rejection of these higher prices into today’s New York close, an indication that the bears are still in control here and we would look for a possible further decline from current prices.

In today’s daily chart of the GBPJPY we can see clear rejection of resistance near 132.00 and the 8 day moving average which resulted in a small pin bar rejection candle. Support comes in between 128.00-127.00.

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For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex price action course.

AUDUSD:

The AUDUSD 4hr chart fired off a clean bearish pin bar rejection candle today as prices pushed higher and then quickly got sold lower as resistance was hit near 0.8920.

This market has been weakening over the last few weeks, so this price action setup was in line with recent bearish tone of the market. Support is seen next near 0.8630 on the daily chart.

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Commentary:

The U.S. dollar lost modest ground today to the other major currencies but managed to recoup much of its early session losses as the New York trading session closed out.

The Japanese yen also recouped much of its early session losses against the other majors as the New York session drew to close as a result of waning risk appetite.

The Dow lost 74.25 point, or 0.74%, the S&P 500 dropped 8.11 points, or 0.77%, and the Nasdaq lost 22.85 points, or 1.07%.