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Thinking of trading the yen? I gotchu!

See, AUD/JPY just broke above a triangle and USD/JPY is forming a possible head and shoulders pattern.

Take a look at their charts and see if you can sneak in a pip or two (or fifty!)

AUD/JPY: 1-hour

AUD/JPY 1-hour Forex Chart
AUD/JPY 1-hour Forex Chart

In case you missed it, AUD/JPY has just broken above a descending triangle pattern AND the 100 SMA on the 1-hour time frame.

Y’all still have a chance to get in on the action because, as the School of Pipsology says, triangle breakouts can be as strong as the height of the base of the triangle. We’re talking a trip to 84.00 in this case!

Bulls can enter at current levels and place their stops around the 100 SMA. You just have to keep your eyes on AUD/JPY’s reaction to the 200 SMA, alright?

Meanwhile, Aussie bears can watch out for a potential resistance around its current levels near the 83.50 minor psychological zone.

A downside momentum could take the Aussie back to the trend line resistance but make sure to manage your risks in case the bulls have more firepower today!

USD/JPY: Daily

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

After a blockbuster start to the year, USD/JPY is taking a chill pill around the 108.50 – 111.00 area.

Specifically, the pair is forming a possible head and shoulders pattern on the daily time frame.

All eyes are now on the 108.50 “neckline” for the pattern. A bounce from the minor psychological handle could bump USD/JPY to the 109.00 previous resistance level where chart pattern geeks could be waiting.

If the current downswing extends beyond 108.50, however, then you gotta be ready for a retest of the 107.50 or 107.00 previous areas of interest.

Not sure where to place your entries and exits? Check out USD/JPY’s average volatility for some clues!