Strong moves mean solid opportunities and that’s what we’re seeing today on not one, but TWO yen crosses.
See if you can make pips from these short and long-term setups.
CAD/JPY dropped like a rock after finding resistance just under the 82.00 psychological handle.It’s now trading near 80.00, which is right around a 50% Fib retracement and the 200 SMA on the 1-hour chart. Not only that, but the level lines up with a broken channel resistance!
The downswing hasn’t shown signs of weakness, so y’all better wait for confirmation if you’re expecting a bounce. Buying near the Fib levels would yield a good entry price if you believe that the Loonie can extend its uptrend against the yen.
Feel like we’ll see some selling for a while yet? You can also short at market and then bail at the first signs of support or bullish pressure.
I’m seeing a star and, no, it’s not the dog next door who can skateboard like a champ AND poo at will.
I’m talkin’ about the Evening Star on EUR/JPY! As you can see, the pair found resistance at 124.50 and is now dropping like there’s no tomorrow.Shorting at current levels could still give you decent pips especially if EUR/JPY drops back down to the 100 and 200 SMAs just below 120.00.
But what if the reversal is just a retracement and the pair find support at the 121.00 previous area of interest?
If you see buying pressure around the level, then you can also start loading up positions and aim for a return to its 2020 highs.