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!
NZD/JPY is having trouble breaking below the 78.00 handle, which isn’t surprising since the MaPs lines up with a 38.2% Fibonacci retracement and 100 SMA support levels on the 1-hour time frame.
Think the Kiwi will extend its gains against the yen? A bounce from the support could see the pair make new highs above the 89.00 psychological level.
If you think that the bears aren’t ready to give up control just yet, then you could also wait for a retracement to the 50% or 61.8% Fib levels closer to the 200 SMA.
Good luck and good trading this one, brothas!
Remember that symmetrical triangle that we spotted a couple of days back? Well, it looks like other traders are paying attention to it!
USD/JPY found resistance at the 114.00 major level and is now about to hit the 112.50 area that’s also near the triangle AND 100 SMA support on the daily time frame.
Will the bulls step in to extend the triangle’s validity for another day? Or will the bears force a downside breakout soon?
Whichever bias you choose to trade, make sure you practice good risk management in your execution, aight?