Wakey wakey, pips are (for the) taking! Whether you’re planning to trade short-term setups or prefer longer-term ones, I got you covered with today’s charts on USD/CAD and EUR/JPY. Check it!
If you took that downtrend that we spotted a couple of days back, then you must have bagged at least 100 pips from the move.
This time around, USD/CAD is making its way up after falling to the 1.3100 area. What makes its current level interesting is that it lines up with the mid-channel resistance near the 100 SMA on the 1-hour chart.
Will the dollar see resistance at the level? Or will it pop up to the 200 SMA near the 1.3200 channel resistance before the bears attack?
Watch this one closely and see if you can get pips from a possible extension of the downtrend!
EUR/JPY is consolidating just above the 126.00 major psychological handle, which isn’t surprising since it’s been an area of interest for the pair since mid-2018.
Before you short the euro like there’s no tomorrow, though, note that the 127.50 level is also pretty significant for the pair. Aside from previous reactions to the level, it also currently lines up with the 100 and 200 SMA on the daily chart.
I’m not seeing any bearish momentum yet, so y’all still have time to draw your trading plans if you’re planning on trading a resistance bounce and another move lower for EUR/JPY.