It’s all about the yen on today’s canvas, as we play around with forex trade opportunities on EUR/JPY and NZD/JPY. Check out what’s up!
First up is a nice and simple support play on EUR/JPY. As you can see, the pair is having trouble making new lows below the 125.75 handle.
With stochastic chillin’ like a villain in the oversold territory, you can bet your pips that other bulls are also watching this one.
Think the euro will soon bounce against the yen? A long trade at current levels could get you a good reward-to-risk ratio especially if you aim for the previous highs near 131.50.
Yen crosses like these can see volatility like nobody’s business, so make sure to use wide stops when trading setups like this one!
Countertrend traders huddle up! NZD/JPY just popped up an interesting candle around the 72.50 area, which is right around the bottom of a falling channel on the daily time frame.
Buying at the earliest signs of bullish momentum could get you an awesome trade especially if the Kiwi pops back up to the 75.50 levels.
Just remember that countertrend trading isn’t for everyone. It takes guts and a risk management strategy to execute countertrend trades. Stay sharp!