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Welcome to the middle of the week, forex geeks! The yen is throwing major pip vibes today so I thought we should take a look at EUR/JPY and NZD/JPY‘s charts. What do you think?

EUR/JPY: 1-hour

EUR/JPY 1-Hour Forex Chart
EUR/JPY 1-Hour Forex Chart

EUR/JPY is knocking on the 119.00 major psychological handle, which is right smack at a previous support level on the 1-hour time frame. Not only that, but it also currently lines up with a 100 SMA retest!

Euro bulls have yet to show weakness, though, so it’s possible that the current bullish momentum would break above the 119.00 level that we’re watching.

If EUR/JPY breaks above 119.00, then we could be looking at a move towards the 119.80 previous area of interest.

If the euro does find resistance at 119.00, however, then euro bears can target the 118.50 previous low in their intraday trades.

So, which way do you think EUR/JPY will go over the next few trading sessions?

NZD/JPY: 4-hour

NZD/JPY 4-hour Forex Chart
NZD/JPY 4-hour Forex Chart

Range traders huddle up! NZD/JPY looks like it has found support just above the big 70.00 handle that has served as support at least twice so far this year.

Can the bulls get enough support for another retest of the 71.25 range resistance?

Buying at current levels would still give you a decent reward-to-risk ratio especially if you place your stops just below 70.00 and NZD/JPY pops back up to 71.25.

Not a fan of buying the Kiwi against the yen? You can also wait for potential resistance moves near the 70.65 mid-range level or 71.25 range resistance and design your trading plans around a possible short position.

Whichever bias you trade this week, make sure you practice good risk management so you don’t lose your shirt!

Forex Chart Settings:

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