Daily Chart Art – February 7, 2013

USD/JPY: 1-hour

USD/JPY: 1-hour Chart

The moment you’ve been waiting for has arrived — a chance to buy USD/JPY on a dip! The pair has eased off its recent high and it looks as though it’s on its way to test a former resistance level at 93.20. And will you look at that — it lines up perfectly with the rising trend line. This could be a prime chance to get long on USD/JPY! Just remember to play it safe by waiting for confirmation from candlestick patterns.

USD/CAD: 1-hour

USD/CAD: 1-hour Chart

USD/CAD’s falling channel — awesome ain’t it? It’s been doing a pretty good job of keeping price in check! Right now, the pair is finding support at a previous low, so it could just be a matter of time before it makes its way back up towards the top of the channel. If it does retest this resistance zone, you might get a chance to jump on this pair’s downtrend. Just remember to keep your eyes on Stochastic, which has recently done a pretty good job of confirming oversold conditions.

GBP/JPY: 1-hour

GBP/JPY: 1-hour Chart

The bulls have been in complete control of GBP/JPY over the past few weeks, but how long can they sustain its rally? We’ll find out soon enough! The rising trend line is being tested at the moment, and a break below this could signal the start of a new trend. Thinking of playing the breakout? Check out our lesson on trading breakouts for tips!

To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.

Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.