I’m not planning on trading for the rest of the week but here are a couple of trade setups for currency warriors who are still looking at the major currencies!
The first one that I’m looking at is a possible last-minute trade on USD/JPY. With Nikkei liking the recent speeches of BOJ officials and the U.S. printing positive reports, it’s no wonder the dollar bulls aren’t giving up the 102.00 major handle just yet.
Of course, it also doesn’t hurt that price is finding support at a previous range resistance and Stochastic is in the oversold area. If I were to trade this I’d probably buy at market with a stop just below the 100 SMA levels.
How about a long pound trade? Yesterday’s overwhelmingly positive UK jobs report was enough for the bulls to make new 2014 highs. In my last GBP/USD trade I was burned by a “new high” that turned out to be a fakeout. Is it a legit upside breakout this time? I’m waiting for a better entry in case Cable retraces but I’m also considering just jumping in next week if price continues to head towards 1.7000.
How about you? Which of the setups above would you rather take? Any tip would be much appreciated!