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Yen crosses are sporting hot retracements, fellas! Check out NZD/JPY‘s gap and EUR/JPY‘s Fib play to see if you can make pips from the potential resistance levels!

EUR/JPY: 4-hour

EUR/JPY 4-hour Forex Chart
EUR/JPY 4-hour Forex Chart

EUR/JPY is now trading just below 119.00 after falling down to the 116.40 levels earlier this week.

Can the bulls keep up the pressure? As you can see, 119.00 is also around a mid-channel, previous support, and 61.8% Fib retracement levels. What’s more, stochastic is about to hit overbought territory!

A downside bounce from the area could lead to a revisit of the 117.50 channel support or even the 116.50 previous lows.

A continuation of the upside momentum, on the other hand, could push the euro to the 120.00 zone close to the channel resistance.

What do you think? Which way will EUR/JPY go?

NZD/JPY: Daily

NZD/JPY Daily Forex Chart
NZD/JPY Daily Forex Chart

Not feelin’ like trading the European currencies? Here’s a comdoll pair for ya! NZD/JPY is fast approaching the 66.75 level, which lines up with last week’s closing price and a MAJOR (but broken) support level for the pair.

Are we looking at a gap close play in the making? For newbies out there, you should know that weekend gaps like this one usually closes before the pair chooses its next direction.

Take note how NZD/JPY reacts to a retest of 66.75. If you see selling pressure, then we could see NZD/JPY fall back down to its weekly lows.

But if NZD/JPY easily breaks above the level and comfortably trades around last week’s lows, then we could be dealing with a “fakeout” that would take the pair to the 70.00 area.

Forex Chart Settings:

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