It’s all about the Loonie on today’s canvas, as we explore forex trade opportunities on CAD/JPY and EUR/CAD’s charts.
Time to get pips, brothas!
The 81.00 handle held like a champ for CAD/JPY, as the pair is now more than 200 pips away from the long-term range support. Question is, will the bulls have enough hustle in their muscles to push it all the way to the 88.50 previous resistance?
Stochastic is already flashing an overbought signal, so some buyers might hesitate to push it higher. The next potential resistance – 84.50 – is still a few pips away, so y’all could still grab a couple if you believe that the Loonie isn’t done gaining pips just yet.
If you think that the yen will bring sexy back in the next couple of trading sessions, though, then you could also short the pair at the earliest signs of bearish momentum and aim for a retest of the bottom of the range.
Remember that resistance play that we spotted a couple of days back? Well, it looks like the bears went to town with it!
And with stochastic chillin’ like a villain on oversold territory, you can bet your pips that other bulls are already waiting for a resistance-turned-support situation.