Partner Center Find a Broker

USD/JPY: 1-hour

USD/JPY 1-Hour Forex Chart
USD/JPY 1-Hour Forex Chart

USD/JPY has bounced back from the 115.50 area and looks like it’s headed fast for the 114.00 levels. What makes the psychological area interesting is that it lines up with a falling channel resistance that was broken just last week. This time around, it’s also near a rising trend line as well as the 100 and 200 SMAs on the 1-hour time frame. Oh, and check out stochastic that’s almost in the oversold territory!

GBP/NZD: 1-hour

GBP/NZD 1-Hour Forex Chart
GBP/NZD 1-Hour Forex Chart

Here’s another trend play for ya! GBP/NZD is lollygagging at the 1.7250 – 1.7300 area, which isn’t surprising since it’s also near a rising channel support that hasn’t been broken since mid-January. Will the channel and the 200 SMA support be enough to keep the bears in check? Buying at current levels is a good idea especially if you think that the pound will go back to its previous highs. Just make sure you place a wide enough stop, aight? Currency crosses like these tend to see more volatility than the majors!

Forex Chart Settings:

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

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. These are some of our favorite books if you want to get in deeper with price action analysis & charting tools. BabyPips.com receives a small credit from any purchases through the Amazon links above to help support the free content and features of our site…enjoy!