Daily Chart Art – May 31, 2013

USD/JPY: 4-hour

USD/JPY Chart

This ain’t the first time I’ve featured this setup, but it’s just as valid as ever! Once again, USD/JPY is approaching the 100.00 major psychological handle. This area has seen its fair share of interest in the past, so it may just serve as a turning point once again. A bounce off this zone could lead to a retest of 103.00, while a break could see price fall back down to 97.00.

EUR/JPY: 1-hour

EUR/JPY Chart

If retracement plays aren’t your thing, then maybe you’ll like this range setup on EUR/JPY! With resistance at 132.00 and support at 130.30, this pair has been moving up and down for a good week now. Think it will continue consolidating? You might want to aim for the bottom of the range. However, if y’all are feeling bullish and feel that a breakout is just around the corner, wait for price to close above 132.00 before committing to a long position.

EUR/GBP: 1-hour

EUR/GBP Chart

It’s a tight one, but it sure is solid! I’m talking about the rising channel on EUR/GBP, homies! If you’re not expecting much action before the weekend, you can consider trading the channel from end to end. But if you’re anticipating a big move today, y’all might want to make plans to trade a potential breakout.

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.