Partner Center Find a Broker

If you like trading the majors, then I got yo back with these short and long-term forex trade setups on EUR/USD and USD/JPY. Check it out, yo!

EUR/USD: 1-hour

EUR/USD 1-hour Forex Chart
EUR/USD 1-hour Forex Chart

EUR/USD has hit bottom around the 1.1875 handle after breaking below a rising channel on the 1-hour time frame. Thing is, the pair is now back at the 1.2000 major psychological handle, which is right smack at the previous channel support AND the 61.8% Fib retracement on the chart.

Are we looking at a support-turned-resistance situation over here? Euro bears can short at the earliest signs of bearish momentum and aim for the 1.1870 previous lows for a sweet reward-to-risk ratio. If you’re one of them euro bulls, though, then you can also wait for the pair to return back to the channel before you place your long orders.

Watch this one closely, brothas!

USD/JPY: Daily

USD/JPY Daily Forex Chart
USD/JPY Daily Forex Chart

Somebody holler at Huck because this setup is too good to miss! USD/JPY looks like it’s about to hit the 112.00 – 112.50 levels, which happens to line up with a falling channel resistance on the daily time frame.

With stochastic already chillin’ like a villain in overbought territory, you can bet your pips (with proper risk management, of course) that other traders are already watching this one.

Shorting around the 112.50 area would give you a REALLY cool reward-to-risk ratio especially if you aim for the previous lows near 108.00. Just make sure you place wide stops, aight? After all, yen pairs and daily time frames tend to see more volatility than other dollar pairs and shorter time frames!

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line