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Things are about to get more interesting for USD/JPY and GBP/USD!

I hope you’re into trading the daily time frame because these triangle opportunities are too good to miss.

Which one will you more likely trade?

USD/JPY: Daily

USD/JPY Daily Forex Chart
USD/JPY Daily Forex Chart

USD/JPY is a hair’s breadth away from the 104.25 minor handle, which lines up with a descending triangle support that has been keeping the bears contained since late July.

Can the bulls defend the support for another day? I’m seeing long wicks around the area so we might not see enough sellers for a downside breakout just yet.

If you’re more interested in buying the dollar against the yen then you’re in luck!

USD/JPY is offering a solid risk ratio if you’re betting on the dollar hitting its trend line resistance just under the 100 SMA.

Watch this one closely, yo!

GBP/USD: Daily

GBP/USD Daily Forex Chart
GBP/USD Daily Forex Chart

Here’s another one for breakout traders out there! GBP/USD is nearing the end of what looks like a symmetrical triangle pattern on the daily time frame.

Cable’s low key uptrend and the 100 and 200 SMAs just below the trend line support tells me that the bulls have better odds of seeing a breakout. GBP/USD could pop up to 1.3370 if we see enough momentum.

But stranger things have happened in 2020. The Pentagon has released UFO videos, we saw TWO full moons in October, and thousands voted for Kanye as their next President.

In GBP/USD’s case, a downswing could lead to a break below the trend line support and drag the pair back to the 1.2550 previous area of interest.

Forex Chart Settings:

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