Forex Updates: USD/JPY and EUR/USD Setups

While I’m waiting for some major pair setups to emerge, I decided to update you guys on my forex trades so far this month.

USD/JPY Retracement

USD/JPY 1-Hour Forex Chart

USD/JPY 1-Hour Forex Chart

What a great first trade! As I mentioned early this month, I took advantage of a yen surge following a less dovish-than-expected BOJ statement. I still haven’t changed my long dollar bias, you see. Well, the risk paid off a few sessions later when strong labor-related U.S. reports boosted the Greenback across the board.

Fortunately for my trade, the profit target wasn’t too far away. In fact, the pair only touched the channel resistance twice before some dollar bears took advantage. In any case, I was able to get +50 pips (+0.50% of my account) from the deal. Not bad for a first trade of Q2 2015, huh?

EUR/USD Range

EUR/USD 1-Hour Forex Chart

EUR/USD 1-Hour Forex Chart

Still waiting for progress on this one! Last week I was waiting for the Greenback to show a bit more momentum while the pair was having a hard time breaking above the mid-range resistance. But thanks to weak U.S. data and possibly short-covering ahead of this weekend’s euro zone meetings, the euro bulls aren’t letting go of their mojos just yet.

So with a mid-range short trade now out, I got my eyes on the 1.1025 handle. What do you think? Will the pair reach the level or should I start shorting somewhere lower?

XOXO,

Huck

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