Can you believe we’re already at the end of the week? See if you can catch your last-minute pips with EUR/JPY’s mid-range opportunity and GBP/JPY’s break-and-retest situation!
EUR/JPY just hit the 128.50 area, which is right smack at a mid-range support on the 4-hour time frame. What makes the setup more interesting is stochastic flashing an oversold signal.
Think it’s time for the euro to show some strength against the yen? Buying at the earliest signs of bullish momentum could get you decent pips especially if you aim for the range resistance near 132.00.
If you don’t think that the euro is done dropping yet, however, then you could also wait for a couple of candlesticks or a retest of the 125.50 range support before placing any buy orders.
Whichever strategy you choose to trade, make sure you practice good risk management in your execution, aight?
After breaking above a falling channel and hitting resistance at 149.50, GBP/JPY is back at the 146.00 psychological handle.
Will Guppy see a break-and-retest scenario at the level? 146.00 lines up with not only a 38.2% Fib retracement, but also the 100 SMA support and previous channel resistance on the daily.
The pair hasn’t shown any signs of bouncing, though, so y’all might want to wait before pricing in your break-and-retest plays.