If you’re vibin’ like Riton and Nightcrawlers and you’re celebrating that it’s Friday again (then Saturday, Sunday, what?) then you’re gonna love the easy peasy setups that I’ve spotted for you!
See, EUR/CAD is sitting on a trend line support while USD/JPY just broke above a key resistance.
Think you can make pips from these charts before the week ends?
EUR/CAD: 1-hour
If you missed the SMA/channel play that we spotted a couple of days back, don’t worry!
EUR/CAD is giving us another pullback as it sits at the 1.4725 zone near the channel support that hasn’t been broken since mid-May.A long trade at current levels would give you the best risk ratio if EUR/CAD ends up back to its 1.4800 May highs.
Before you buy the euro like there’s no tomorrow, though, you gotta make sure that we won’t see a downside breakout instead. Consolidations can break in either direction, remember?
A clear break below the trend line support could lead to a trip back to the 1.4675 or 1.4650 previous support levels.
USD/JPY: 4-hour
I spy with my eye a lowkey breakout for USD/JPY! The pair is now trading above 109.70, which hasn’t happened since early April.
Does this mean that USD/JPY is ready for more gains? The 110.30 previous resistance or the 111.00 major psychological handle are good short-term profit targets if USD/JPY extends its current upswing.If the breakout that we’re seeing turns out to be a fakeout, however, then you should also be ready for USD/JPY dropping back inside its 110-pip range.
You could aim for the 109.30 inflection point or the 108.75 previous support depending on the strength of the dollar’s downside momentum.
Good luck and good trading errbody!
