Whattup, pip hunters!
Get ’em while they’re hot!
EUR/JPY is now about 40 pips from the 124.50 range support that has been keeping the bears in check since mid-August.What makes the chart interesting today is that EUR/JPY is poppin’ up long wicks just as Stochastic is flashing an oversold signal.
Will EUR/JPY bounce high enough to hit the 125.50 mid-range or 126.50 range resistance areas?
Buying at current levels would still give you a decent enough reward-to-risk ratio if you’re confident about the euro rising against the yen.
If you’re one of them euro bears, though, then you can also wait for EUR/JPY to make new September lows and then target areas of interest like 124.00 or 123.00.
Here’s one for the trend warriors out there!
GBP/NZD is chillin’ like a villain at the 1.9100 area, which is right smack at an ascending channel support on the daily time frame.Going long at current prices is a good play if you believe that the bulls still have enough mojo to extend the pound’s long-term uptrend against the Kiwi.
Not a fan of the pound? That’s alright, you can also place orders just below the channel and then trade possible moves to the 1.8800 or 1.8400 previous inflection points.
Whichever bias you end up trading, make sure you know all about GBP/NZD’s average daily volatility so you know where to put them entry and stop loss targets!