Whether you like trading the majors or the currency crosses, I got yo back with hot forex trend and retracements setups on USD/JPY and EUR/CAD. Time to catch them last-minute pips, yo!
Remember that retracement play that we spotted earlier this week? Well, it looks like the bears better step in or give up their downtrend!
As you can see, USD/JPY is now lollygagging around the 106.50 levels, which is right around a previous support on the 4-hour time frame. In fact, the level also lines up with a falling trend line AND 100 SMA resistance!
Will the bears step in to defend the trend line for another day? Or will the bulls get enough momentum to force and upside breakout?
Watch this one closely and get ready with your trading plans, fellas!
After rising sharply for the past couple of days, it looks like EUR/CAD is ready to take a chill pill.
The 1.5630 area is a good spot to see fresh bullish momentum since it’s near the 38.2% Fib retracement level. Then again, the bears could get enough juice to drag it back down to the 1.5250 previous resistance and 61.8% Fib area before we see more euro-buying.
Will the euro drop back down to the retracement levels that we’re watching? Or will the bulls stop at a shallower retracement before reclaiming their uptrend?
Whichever bias you choose to trade on this one, make sure y’all have solid trading plans to follow before you execute your trades!