First up is a nice Fib play on the 1-hour time frame. Guppy is lollygagging at the 146.50 area, which is also right around where the 61.8% Fibonacci retracement, 100 SMA, and rising trend line support are. What’s more, stochastic is chillin’ like a villain on the oversold territory! Buying at current levels could already get you a pretty sweet deal especially if you aim for the previous highs, but you could also wait for a retest of the trend line around 146.00 if you want a more conservative entry. Don’t choke your stop losses though, as yen crosses like these tend to be more volatile than the majors!
I spy with my cool, blue eyes a symmetrical triangle in the making! As the School of Pipsology tells us, triangles like these tend to break out in either direction. Price action is currently in the bulls’ favor though, as it nears the 100 SMA support and the 1.2750 minor psychological handle. You should also note that the size of the breakout usually matches the base of the triangle. In this case, we’re talking about a potential 200-pip breakout. Time to bust out your trading plans, fellas!
Last one up for this batch of charts is a nice and simple support and resistance play on CAD/JPY’s daily time frame. The pair is flirting with the 89.00 major psychological handle, which isn’t surprising since the level had also found support back in 2013 and 2015 and unbroken resistance in 2016. Will the pair break above the area before the year ends? Watch this one closely and see if you can catch some pips from a bounce or a breakout!
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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.