It’s all about the yen crosses on today’s canvas, as I bring to you hot forex trade opportunities on CAD/JPY and EUR/JPY. Check’ em out, homies!
As you can see, CAD/JPY has jumped by about 120 pips after finding support at the 88.00 major psychological level.
What makes the current levels more interesting is that it’s right around the channel support that it broke in mid-January. I mean, look at that area of interest working like a champ on the bulls and bears!
Stochastic is currently in overbought territory, so y’all can bet the bears are watching this one closely.
Will we see a break-and-retest situation that would drag the pair to new 2018 lows? Or will the bulls jump in and continue the uptrend that CAD/JPY took a break from?
Breakout alert! EUR/JPY just broke above an ascending triangle that has been solid since early December.
As the School of Pipsology tells us, breakouts like these can be as strong as the height of the base of the triangle. We’re talking 450 pips in this case, yo!
Before you buy the euro like there’s no tomorrow, you should note that the pair has come a long way since it started popping up in January 29. This means the pair is due for a retracement.
You could enter at current levels if you’re confident that the euro will continue to fly over the next couple of days. But if you think that the overbought stochastic signal would attract some bears and force a break-and-retest scenario, then you might want to wait for either a pullback or more bullish momentum before placing your orders.
Whichever bias you choose to trade, make sure you have a good trading plan to follow when you start executing your ideas!