USDJPY Midweek Reversal: Forex Chart Markups, 27 July 2026

The USDJPY midweek reversal of 28 July 2026 is the largest move in six months of chart markups. A London stop hunt printed the high of the week at 163.948 on Tuesday, and by Friday price was 675 pips lower, almost ten average daily ranges. Every instrument we track showed a weekly cycle in this Fed week, with EURUSD reversing 194 pips from its Tuesday low. We marked up 18 textbook setups and 1 partial.

The week in brief

• Markets: the seven forex majors and gold (XAUUSD, counted at 1 pip = $1), on 15-minute and 1-hour candles.
• Daily setups: 18 textbook and 1 partial.
• Weekly cycle: 8 of 8 markets turned midweek (EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, USDCAD, NZDUSD and XAUUSD).
• Setup of the week: USDJPY on Tuesday, London stop hunt, 4 of 8 on confluence: 30 pips that day, 675 on the week.

USDJPY midweek reversal: how to read these chart markups

If this is your first markup, read it backwards. We are not asking where price will go. We are asking where the crowd has put its orders, because retail education puts them in the same places every week: stops above the highs, stops below the lows, breakout orders just past both. On each chart the blue box is the Asian range, the bands of red crosses are retail stop losses, the hatched zone is the stop hunt, and the header shows the pips the reversal made. How to Read a Forex Chart Markup explains every mark.

The week at a glance: confluence ranking

Every daily setup of the week on one page, best first. The score is a tally of the eight confirmations the method lists, and the last column says what the rest of the week did with each level. USDCHF leads with 6 of 8.

The weekly cycle: induction, trap, reversal

The weekly cycle is the bigger picture behind every daily setup: an induction trend early in the week, the high or low of the week on Tuesday or Wednesday, then the reversal. We only draw it when the week actually turned, and each chart carries a checklist of which parts held. The idea is laid out in How to Read a Forex Chart Markup.

USDJPY · 675-pip reversal. The trap printed the high of the week at 163.948 on Tuesday 06:45 New York, and the reversal ran 675 pips to 157.200 by Friday. 3 of 4 textbook checks held; the miss: no induction trend, Sun to Mon ranged instead of trending.

EURUSD · 194-pip reversal. The trap printed the low of the week at 1.13531 on Tuesday 06:00 New York, and the reversal ran 194 pips to 1.15471 by Friday. 4 of 4 textbook checks held.

USDCHF · 168-pip reversal. The trap printed the high of the week at 0.82066 on Wednesday 12:30 New York, and the reversal ran 168 pips to 0.80386 by Thursday. 4 of 4 textbook checks held.

NZDUSD · 139-pip reversal. The trap printed the low of the week at 0.57556 in Tuesday's session (Monday 17:00 New York), and the reversal ran 139 pips to 0.58950 by Friday. 4 of 4 textbook checks held.

AUDUSD · 122-pip reversal. The trap printed the low of the week at 0.69219 on Wednesday 12:15 New York, and the reversal ran 122 pips to 0.70442 by Friday. 3 of 4 textbook checks held; the miss: it ran 40 pips past Tuesday's low, more than a stop hunt.

GBPUSD · 221-pip reversal. The trap printed the low of the week at 1.32733 on Tuesday 06:15 New York, and the reversal ran 221 pips to 1.34947 by Friday. 3 of 4 textbook checks held; the miss: no induction trend, Sun to Mon ranged instead of trending.

USDCAD · 138-pip reversal. The trap printed the high of the week at 1.41284 in Tuesday's session (Monday 20:00 New York), and the reversal ran 138 pips to 1.39903 by Thursday. 4 of 4 textbook checks held.

Gold (XAUUSD) · 125-pip reversal. The trap printed the low of the week at 3995.66 on Wednesday 10:00 New York, and the reversal ran 125 pips to 4120.16 by Thursday. 4 of 4 textbook checks held.

Setup of the week: USDJPY London stop hunt, 28 July 2026

USDJPY spent the Asian session in a 19-pip range between 163.654 and 163.841. London then pushed 11 pips past the Asian high, to 163.948 at 06:45 New York: the breakout the crowd buys. There was no first leg and neckline beyond the range, so this is a plain stop hunt of the Asian range, not an M or a W. Price did not continue. It reversed 30 pips to 163.644 in 5h 15m, through the whole Asian range.

Now read it in reverse. At each of those prices, whose orders were waiting?

Where the retail stops were

• Sellers' stops above the Asian high, 163.841: taken by the stop hunt.
• Buyers' stops below the Asian low, 163.654: taken as the reversal cleared the range.

The trade. The method sells against the breakout, on the stop hunt past the Asian high (163.948). The stricter trigger, the first 15-minute close back inside, came with 12 pips of risk to the extreme and 19 pips to the low of the day, about 1 to 1.6. The method skips anything under 1 to 3, so from that trigger this one does not qualify. These numbers are measured after the fact from 15-minute candles.

Confirmations: 4 of 8. It had a clear Asian range, a Tuesday or Wednesday date, the high or low of the week and induction from the week's open. Missing: a second-leg stop hunt, a hunt at a session open, the previous day's level taken and high-impact news in sync. It is the high of the week.

The mindset behind fading a breakout is in How to Read a Forex Chart Markup. For the same stop hunt on USDJPY, see USDJPY stop hunt, week of 6 April 2026.

Textbook setups, day by day

A setup is textbook when the reversal clears the whole Asian range, or runs at least three quarters of the pair's average daily range. The daily cycle behind all of them, Asia consolidating, London breaking out and the reversal after, is covered in How to Read a Forex Chart Markup.

Tuesday · EURUSD · London stop hunt (52 pips). London took the stops below the Asian low at 1.13531 (06:00 New York); the reversal went through the whole Asian range.

Tuesday · GBPUSD · London stop hunt (38 pips). London took the stops below the Asian low at 1.32733 (06:15 New York, 11 pips through Monday's low); the reversal went through the whole Asian range.

Tuesday · USDCHF · Both sides hunted (37 pips). The second leg took the stops above the first leg at 0.82048 (06:15 New York); the reversal went through the whole Asian range. Then the other side was hunted at 12:15 New York, 9 pips under the Asian low.

Wednesday · EURUSD · New York stop hunt (96 pips). New York took the stops below the Asian low at 1.13744 (08:15 New York); the reversal went through the whole Asian range.

Wednesday · Gold (XAUUSD) · Both sides hunted (120 pips). New York took the stops below the Asian low at 3995.66 (10:00 New York); the reversal went through the whole Asian range. Then the other side was hunted at 15:00 New York, 71 pips above the Asian high.

Wednesday · NZDUSD · W formation (65 pips). The second leg took the stops below the first leg at 0.57615 (12:15 New York); the reversal went through the whole Asian range.

Wednesday · USDCHF · M formation (74 pips). The second leg took the stops above the first leg at 0.82066 (12:30 New York, 2 pips through Tuesday's high); the reversal went through the whole Asian range.

Thursday · EURUSD · London stop hunt (103 pips). London took the stops below the Asian low at 1.14342 (03:30 New York); the reversal went through the whole Asian range.

Thursday · USDCAD · London stop hunt (77 pips). London took the stops above the Asian high at 1.40674 (03:45 New York); the reversal went through the whole Asian range.

Thursday · USDCHF · London stop hunt (136 pips). London took the stops above the Asian high at 0.81747 (03:45 New York); the reversal went through the whole Asian range.

Thursday · USDJPY · London stop hunt (578 pips). London took the stops above the Asian high at 163.738 (03:45 New York); the reversal went through the whole Asian range.

Friday · AUDUSD · Both sides hunted (53 pips). London took the stops above the Asian high at 0.70442 (05:00 New York); the reversal went through the whole Asian range. Then the other side was hunted at 10:00 New York, 19 pips under the Asian low.

Friday · EURUSD · W formation (92 pips). The second leg took the stops below the first leg at 1.14550 (09:30 New York); the reversal went through the whole Asian range.

Friday · GBPUSD · W formation (95 pips). The second leg took the stops below the first leg at 1.34000 (09:30 New York); the reversal went through the whole Asian range.

Friday · NZDUSD · W formation (46 pips). The second leg took the stops below the first leg at 0.58488 (10:00 New York); the reversal went through the whole Asian range.

Friday · USDCHF · M formation (62 pips). The second leg took the stops above the first leg at 0.81286 (10:00 New York); the reversal went back inside the Asian range.

Friday · USDCAD · M formation (49 pips). The second leg took the stops above the first leg at 1.40583 (10:15 New York); the reversal went back inside the Asian range.

Partial setups: the structure without the follow-through

These printed the structure, but the reversal stalled inside the Asian range. They are worth studying for exactly that reason: the trap was real and the payoff was small.

Tuesday · Gold (XAUUSD) · W formation (36 pips). The second leg took the stops below the first leg at 4011.34 (10:15 New York); the reversal went back inside the Asian range.

Daily and weekly confluence, pair by pair

Each chart pins a pair's daily setups on its hourly chart for the week. The solid line is the move that day, the dashed line is how far it ran before the level was traded back through, and a gold band marks a weekly reversal. The table under each chart ticks the confirmations.

EURUSD. 4 setups, best 4 of 8 (Tuesday, London stop hunt at the low).

GBPUSD. 2 setups, best 4 of 8 (Tuesday, London stop hunt at the low).

USDJPY. 2 setups, best 4 of 8 (Tuesday, London stop hunt at the high).

USDCHF. 5 setups, best 6 of 8 (Wednesday, M off the high).

AUDUSD. 2 setups, best 3 of 8 (Friday, London stop hunt at the high).

USDCAD. 2 setups, best 2 of 8 (Thursday, London stop hunt at the high).

NZDUSD. 2 setups, best 4 of 8 (Wednesday, W off the low).

Gold (XAUUSD). 3 setups, best 4 of 8 (Wednesday, New York stop hunt at the low).

What this week teaches about reverse price action

On Tuesday the stop hunt above the Asian range paid 30 pips. That is all the daily chart showed. The weekly chart showed something else: a high of the week, on a Tuesday, with a week of buyers underneath it. When the reversal came on Thursday it ran through every one of their stops in a single session. Small daily setup, enormous weekly consequence. This is why each daily markup is also pinned on the weekly chart: the same level can be worth 30 pips or 675.

Frequently asked questions

What was the best forex setup in the week of 27 July 2026?

By confluence, USDCHF on Wednesday: an M off the high that scored 6 of 8. It moved 74 pips that day and 168 on the week. It was the high of the week.

Was there a midweek reversal in the week of 27 July 2026?

Yes, on 8 of the 8 markets we track: EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, USDCAD, NZDUSD and Gold (XAUUSD). The largest was USDJPY, 675 pips from the high of the week at 163.948.

What is the midweek reversal?

The midweek reversal is the turn in the weekly cycle. The first days of the week trend one way (the induction), the high or low of the week prints on Tuesday or Wednesday (the trap), and price reverses through Wednesday, Thursday and Friday.

What is the Asian range?

The Asian range is the consolidation between the 17:00 New York session break and the London open. Retail traders mark its high and low as resistance and support, so stops collect on both sides. London and New York then hunt one side, or both.

Related chart markups

• Previous week: GBPUSD stop hunt, week of 20 July 2026
• Next week: Gold W formation, week of 3 August 2026
• USDJPY stop hunt, week of 6 April 2026: the same stop hunt on USDJPY
• AUDUSD stop hunt, week of 24 August 2026: another stop hunt, on AUDUSD
• USDCHF stop hunt, week of 21 September 2026: another stop hunt, on USDCHF
• All forex chart markups, week by week
• How to Read a Forex Chart Markup: what every mark on these charts means

Learn to read the chart this way. The Forexia Academy courses cover the Asian range, M and W formations and the weekly cycle step by step. Browse the courses.

These chart markups are made after the fact, for study. They are not signals and not trade advice. Candles: Dukascopy. Economic calendar: FXStreet. All times are New York. Stop-loss positions are the method's reading of the structure, not order-book data.