Welcome to the last day of April!
Wanna end your month with extra pips in the bag?
Remember that range setup that we talked about earlier this week?Well, it looks like the bulls had more game than the bears!
AUD/JPY is back at the broken range resistance, though, which means y’all have a chance to get in on the bullish run if you think that the breakout will lead to a longer-term upswing.
But what if this week’s “breakout” turns out to be a fakeout?
Watch out for AUD/JPY dipping back below 84.40 and the 100 SMA on the 1-hour time frame so you’ll be ready with your short trades all the way to the 83.80 mid-range or 83.20 range support levels.
Who’s up for some countertrend trading?If you are, then you’re gonna love that GBP/JPY has popped up some dojis around the 152.00 major psychological level and is possibly gaining bearish momentum.
Oh, and check out Stochastic just leaving the overbought area!
Pound bears who are looking at the 151.00 zone as a profit target can short at current levels and place stops just above this week’s highs for a good risk ratio.
If you feel like trading the trend instead, then you can try marking the Fib retracement levels of the last upswing to get ideas on where you can jump in.
The 152.00 previous high is a legit profit target but you can also aim for March’s highs if you see enough bullish pressure.
Good luck and good trading this one!