Ready to make some pips?
Get ’em while they’re hot, yo!
CHF/JPY is chillin’ like ice cream fillin near 115.00, which is also around a 61.8% Fib retracement, rising trend line support AND the 100 SMA on the 1-hour time frame.With Stochastic flashing an “oversold” signal and the pair sporting a low key divergence, you can bet pips that at least some bulls are already watching.
Buying at current levels is your best bet if you believe that CHF/JPY will extend its uptrend in the next trading sessions.
Not convinced that the yen can lose value against the franc any time soon? You can also wait for a clear break below the trend line support before aiming for infection points closer to the 114.50 or 114.00 levels.
Remember that range play that we spotted about a week ago?
Well, it looks like CAD/JPY traders were in the mood to respect the pattern!CAD/JPY is now testing the 81.25 zone, which is right smack the unbroken range resistance on the daily time frame.
Shorting at current levels would give you a good reward-to-risk ratio especially if you place your stops just above the previous high and then aim for the range support near 78.50.
Feel like buying the Loonie against the yen instead? You might want to wait for a break above the range ceiling that we’re looking at and then aim for a 275-pip move (the height of the range) depending on the breakout‘s momentum.
Watch this one closely, errbody!