It’s all about the yen on today’s canvas, as I bring to you forex trade opportunities on USD/JPY and GBP/JPY. Check ’em out while they’re hot!
USD/JPY: 4-hour
After finding support ts the 105.40 levels, USD/JPY looks like it’s getting bullish momentum on the 4-hour chart.
Before you buy the pair like there’s no tomorrow, though, you should know that it’s about to hit the 106.70 area, which lines up with a falling trend line that hasn’t been broken since the start of the year. What’s more, it’s also near the 100 SMA and a previous support for the pair!
Stochastic hasn’t hit overbought status yet, so y’all still have time to sneak in a pip or two if you’re bullish or whip up a trading plan if you’re bearish. Whichever bias you choose to trade, make sure you stick to the plan, aight?
GBP/JPY: Daily
Not feelin’ the love for the yen these days? Here’s one for ya! Guppy just bounced from the 145.50 levels, which isn’t surprising since the area lines up with a rising trend line that’s been uncontested since April 2017.
A long trade at current levels could give you a solid reward-to-risk ratio especially if you aim for the previous highs near 154.00 or even the mid-channel areas near 149.00 and place your stops just below March’s lows.
Make sure you use wide stops on this one, brothas! Remember, currency crosses like GBP/JPY, especially on longer time frames, can see volatility like nobody’s business!
Forex Chart Settings:
Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line4
