If you like trading yen crosses, then you’re gonna love today’s lineup. Check out AUD/JPY and GBP/JPY’s charts and see if you can make pips off of them!
I spy with my eye a double bottom in the making! AUD/JPY just bounced from 78.20, which has also supported the Aussie back in April 25.
Are we looking at a double bottom over here? If the pair breaks above the 79.00 major psychological handle and descending channel resistance, then we could see AUD/JPY revisit its 80.50 previous highs.
If the Aussie makes new weekly lows, however, then the bears have license to extend their party all the way to the 77.50 channel support.
Watch this one closely, brothas!
Here’s another anti-yen trade for ya! GBP/JPY is enjoying a bullish momentum after bouncing from the 144.00 support level.
Before you buy the pound like there’s not tomorrow, though, you should know that there’s also a low key descending trend line that could limit further pound gains.
Y’all might want to wait for a break above the trend line if you’re one of them pound bulls. If you’re more interested in shorting the pair, then you could also wait for it to trade below 144.00 before you place them short orders.
Whichever bias you’re trading, make sure you follow your trading plans when you execute your trades!