Wakey wakey, pips and trading! Whether you like trading the majors or the crosses, I got yo back with these daily charts on USD/JPY and EUR/CAD. Check ’em out!
First up is a nice countertrend play on USD/JPY. As you can see, the pair just bounced from the 110.00 psychological handle, which lines up with a falling channel support on the daily time frame.
Stochastic is chillin’ like a villain in oversold territory, so y’all should watch out for more bulls coming in and possibly pushing the Greenback up to the 113.00 previous highs.
Not everyone can make countertrend trades, however. Make sure you’re mentally prepared to go against the trend!
EUR/CAD is having trouble breaking above the 1.5150 psychological handle, which isn’t surprising since it lines up with a ascending triangle resistance on the daily chart.
Stochastic is currently favoring the bears with an overbought signal, which means that the pair could dip to 1.4950 – 1.5000 before seeing another bullish pressure.
Will the resistance hold for another day? Or will the bulls finally hustle enough muscle to hit highs not seen since February 2016? Watch this one closely, brothas!