Ready for another day of trading them charts?
Which setup will likely yield more pips?
CAD/JPY: 4-hourCAD/JPY is having trouble trading above 76.75, which isn’t surprising since the bears are probably aware that it lines up with a descending trend line that has been solid since mid-March.
If you’d rather buy the Loonie against the yen, however, then you’ll want to watch out for a break above the trend line and aim for potential visits to the 77.25 or 78.00 previous areas of interest.
A couple of days ago we talked about EUR/AUD finding support at 1.6550 on the daily time frame.Well, I hope you jumped in! As you can see, EUR/AUD jumped back to just under 1.7200 before gravity pulled it back down.
Right now the pair is back to retesting the area of interest, which lines up with the 200 SMA on the daily time frame this time around.
Not sure about the euro gaining on the Aussie in the next few days? You can also wait for a clear break below the 1.6550 and 200 SMA zone and then target 1.6300 or even 1.6100.