Whether you’re into trading short or longer-term trends, I got yo back with these forex trade opportunities on GBP/USD and EUR/JPY. Check ’em while they’re hot!
Cable is flirting with the 1.4000 major psychological handle, which is just below a falling channel resistance on the 1-hour time frame. And with stochastic chillin’ like ice cream fillin’ in the overbought region, you can bet pips that other bears are watching this one too.
Will the pound extend its downtrend? to make new lows over the next couple of days? Or will the bulls take note of the break above the 1.4000 handle and force a retest of the previous 1.4275 previous highs?
Watch this one closely, fellas!
Here’s another simple trend trade for ya! EUR/JPY is flashing some bullish wicks on the 4-hour time frame, which isn’t surprising when you consider that the pair is consolidating near a channel support AND the 100 SMA.
A long trade at current levels could get you a decent reward-to-risk ratio especially if you place your stops just below the channel and the pair retests its previous highs near 137.00.
If you’re not a fan of the euro, though, then you could also wait for a break below the current consolidation and aim for at least a retest of the 200 SMA, if not the previous lows near 128.50.