Short and long-term traders alike can take advantage of today’s Chart Art because we’re looking at EUR/JPY’s short-term channel and AUD/JPY’s Fib play. Check it!
What makes the setup interesting today is that the channel is “flat” enough that it looks like your basic consolidation on the higher time frames.
If you’re one of them euro bulls, though, then you could also wait for a break above the channel or even October’s highs before you pull the trigger on them euro longs.
Good luck and good trading, yo!
Here’s one for the trend warriors out there! AUD/JPY is lollygagging around the 75.00 major psychological handle, which is right smack at a 50% Fib retracement and a previous area of interest for the pair.
If that’s not hot enough for you, then you should know that there might also be a bearish divergence on the daily time frame.
Shorting at the earliest signs of bearish momentum is a good idea if you want to bet on further Aussie weakness.
If you’d rather buy the Aussie against the yen, however, then you could also wait until AUD/JPY breaks above the 200 SMA and aim for potential trips to the 79.50 or even the 83.50 previous resistance levels.