Well, well, what do we have here… GBP/JPY looks like it’s going to break out of a symmetrical triangle formation! As you can see, a 4-hour candle almost closed above the falling trend line yesterday, hinting that the bulls may be in control of the pair. If you’re bullish on the pair, then keep a close eye on it! A break of the falling trend line resistance could push the pair up to 134.00, a whole juicy round number and a previous resistance level.
Next up, check out this mighty fine setup on EUR/JPY! After breaking out of a double top formation, the pair has now retraced back up to the 38.2% Fib level, which just happens to line up with the former neckline. Could the 117.00 handle be a potential support-turned-resistance level? Look for another reversal candle as a sign that the bears might come back to send this pair back down.
Last but not least is this potential Fib setup on AUD/JPY! This baby has been trending up in the past couple of days, but right now, it looks as though it could be due for a retracement. If you’re feeling bullish for this pair, you may want to catch it as it meets the rising trend line at the Fib levels. If it does find support there, don’t be surprised to see it bounce back up to retest yesterday’s high at 87.50!
To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.