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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!

USD/CAD: 1-hour

USD/CAD 1-Hour Forex Chart
USD/CAD 1-Hour Forex Chart

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: Daily

EUR/JPY Daily Forex Chart
EUR/JPY Daily Forex Chart

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.

Whichever level you choose to enter, make sure you practice good risk management decisions and to place wide stops on long-term currency cross setups like these!

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line