With the Greenback bulls busy painting the town red, we can hardly ignore USD/JPY‘s rising channel on the 1-hour chart. The 104.00 major psychological area is a good place to take profits if you already have a long position, but you can also buy at current levels and place your stop loss below the mid-channel support if you think that the pair isn’t done making new highs.
Someone holler at Cyclopip because this setup is too good to miss! EUR/GBP is hanging around the 38.2% Fib at the same time when a bullish divergence is materializing. The pair could probably go down to the 50% Fib area, but I wouldn’t wait too long since Stochastic looks like it’s about to leave the oversold zone.
Check out this stalemate on AUD/JPY! The 100.00 psychological level is doing a solid job at keeping the bears at bay especially since it’s near a rising trend line and a former resistance area on the daily chart. Will the tug-o-war end with a continuation of the pair’s uptrend? Or should we brace ourselves for a downside 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.