If you can’t get enough of trading the yen, then this setup is for you! USD/JPY is fast approaching the 102.80 area, which is near a rising trend line support on the 1-hour chart. Be careful though, as the pair would need to break 103.00 before it reaches the area and there’s a possibility that we could see a heavier selloff once the major level is broken. Read up on trading breakouts and fakeouts if you’re not too sure on how you can trade this sweet setup!
Can you say retracement opportunity? Cable is only a few jumps away from 1.6250, which has served as a solid resistance level in the past. What’s more, it’s also near a 38.2% Fib on the 4-hour chart! Stochastic is already in the oversold region though, so you might want to think about the possibility that the pair won’t even reach the level before it starts to go back on its way up. Watch this one closely, brothas!
Our last but definitely not the least setup is a simple trend plan on EUR/GBP. Right now it’s less than 100 pips away from the .8500 major handle near a falling channel resistance. Think the euro is in for losses against the pound? If you do, then you better start making your trading plans 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.