It’s all about the yen on today’s canvas, as we play around with forex trade opportunities on USD/JPY and NZD/JPY. Get ’em while they’re hot!
Trend traders huddle up! USD/JPY is dropping like there’s no tomorrow after encountering resistance at the 114.50 psychological level.
The 111.00 major psychological handle is an area to watch, as it lines up with a rising channel support AND the 100 SMA on the 4-hour time frame.
Think the scrilla will find support at the level? USD/JPY has some distance to go before hitting the mark, so y’all still have time to whip up trading plans whether you’re planning on trading a trend continuation or a downside breakout.
Stay sharp and don’t forget to manage your risks!
Remember that downtrend opportunity that we spotted a couple of days back? Well, it looks like it played out well for the bears!
Thing is, NZD/JPY is now back to the 72.50 psychological level that hasn’t been broken this year.
Will the bears finally have enough muscle in their hustle to force drag the pair to new 2018 lows? Or will the bulls defend the level for another day?
Watch this one closely and make sure you’ve accounted for either scenario if you’re planning on trading this setup!