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Who’s excited to trade the dollar today?

If you are, then you’re gonna love what I’ve spotted on EUR/USD and USD/JPY‘s charts.

Check them and let me know which one you’ll most likely trade!

EUR/USD: 4-hour

EUR/USD 4-hour Forex Chart
EUR/USD 4-hour Forex Chart

If you’ve been watching EUR/USD closely, then you’ll know that the pair just found support just under the 1.1800 psychological handle that marks a mid-range level on the 4-hour time frame.

But wait, there’s more. Stochastic has also just left oversold territory, yo!

Euro bulls who are confident that the 1.1800 support would hold can buy at current levels and aim for the 1.1900 range resistance for boss-level risk ratios.

Meanwhile, the bears can wait for a clear break below the mid-range and SMA areas if they’re eyeing the 1.1625 range support.

What do you think? Will EUR/USD retest 1.1900? Or are the bears just taking a breather before they drag the euro down to 1.1625?

USD/JPY: Daily

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

A week ago we were looking at USD/JPY for a possible triangle support play.

But that forever ago! Not only has USD/JPY broken below the support, but it has also popped back up to retest the trend line resistance on the daily.

Wait, whuuut?!

Turned out, last week’s “breakout” was a fakeout. But now that the trend line resistance is holding, the triangle setup is back in play.

USD/JPY is poppin’ up doji-like candlesticks, which suggests that buyers and sellers are looking for a direction (no, not the boy band).

If the bulls decide that they’re not willing to take on the trend line and 100 SMA resistance levels just yet, then we could see USD/JPY retest the 104.25 support.

If the dollar extends its upswing against the yen, though, then USD/JPY could break above its descending triangle pattern and head for the 107.00 or 108.00 previous areas of interest.

Forex Chart Settings:

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