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!
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?
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!