We’re loading up on even more yen trades today, forex brothas.
Check out which setup will likely give you more pips!
GBP/JPY is back to trading just above the 147.00 zone!
As if the psychological handle isn’t a big enough level to watch, the area is also right smack at the broken channel support on the 1-hour time frame.Are we looking at a break-and-retest situation over here? Pound bears can short at the first signs of bearish momentum and then aim for the 100 SMA or this week’s lows near 146.50.
But what if we’re looking at a simple range play and that GBP/JPY is actually headed for its February highs?
Once the pound trades (and stays!) above the broken channel support, then y’all can start placing them long orders until GBP/JPY hits the 147.50 area or even gathers momentum above the previous highs.
Here’s one for the trend warriors out there!
NZD/JPY just broke a small consolidation in favor of the bulls and it looks headed for the previous highs near 76.75.As you can see, the consolidation lined up with a 50% Fib retracement and a previous resistance on the 4-hour time frame.
If you think that the Kiwi is about to extend its uptrend against the yen, then you can buy at current levels, place your stops just below the trend line support, and then aim for February’s highs.
Planning on shorting the Kiwi instead?
You might want to wait until NZD/JPY makes new weekly lows, or at least gathers some bearish momentum before you start targeting previous support levels like 75.50.