It’s the end of the month and you know what that means! It’s Harry Potter’s birthday, yo!
For traders out there, today also marks the last trading day of the week AND month. This means we could see some profit-taking shenanigans!
USD/JPY is on its way to the 105.00 major psychological handle after hitting lows just above the 104.00 mark.As you can see, 105.00 is close to a previous support and the 100 SMA on the 1-hour time frame.
Will 105.00 serve as resistance in the next trading sessions? Or is USD/JPY due for a reversal or at least a longer-term retracement?
Watch how the pair reacts to 105.00. If bulls can’t get past the level, then you can place short orders and then aim for its previous lows or even new 2020 lows with stops above the 100 SMA.
If USD/JPY breaks above 105.00, however, then the pair could hit the 106.50 levels near last week’s support levels.
Earlier this week we talked about AUD/NZD hitting its 1.0750 range resistance levels.
Well, it looks like the bulls won that round of tug-o-pips!AUD/NZD has not only broken above 1.0750 but it has also returned to retest the level.
Are we looking at a break-and-retest opportunity here? Buying at current levels would get you in on AUD/NZD’s upswing if the upside breakout turns out to be legit.
Not comfortable about buying the Aussie against the Kiwi? You can also wait for AUD/NZD to trade comfortably inside the range again and aim for the 1.0650 mid range or 1.0600 range support levels if you’d rather sell the Aussie against Kiwi.