Here’s an update for those who are waiting for a breakout! USD/JPY is now heading for the falling trend line on the daily chart. Stochastic is on the bulls’ side for now but I gotta tell you that the trend line resistance is lining up with the 100.00 major psychological area. Best to watch this one closely if you think that the pair is not done bouncing along the symmetrical triangle!
Is this setup sweet or what? USD/CAD just sported a doji right smack in the 1.0400 psychological handle! What makes this setup even sweeter is that it’s also a mid-range resistance and a 61.8% Fib retracement. If you’re one of them dollar bears, then you can build a position around this area with your stop losses just above the resistance zone.
Here’s one for trend traders! After bouncing from the previous double bottom neckline and 38.2% Fib area, it looks like AUD/JPY is poised for another upward move. What’s more, stochastic has just left the oversold territory! The next major resistance is still a couple of hundred pips away, so you can still get creative if you’re thinking of jumping on this setup.
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.