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Ready for the weekend?

I know y’all aren’t done trading for the week because USD/JPY and AUD/USD’s setups are still waiting to be taken!

Check them out!

USD/JPY: 1-hour

USD/JPY 1-Hour Forex Chart
USD/JPY 1-Hour Forex Chart

I don’t know if you’ve noticed but the dollar bulls are putting up a good fight at the 109.50 range support that’s been around since the start of the month.

The oscillator isn’t helping the bulls’ case for now but MarketMilk did indicate that USD/JPY is a “buy” in the short-term.

Buying at current levels would set you up for a decent win if USD/JPY stays inside its month-long range.

The 110.00 mid-range resistance is a good target if you’re in it for short-term profits but you can also aim for the 110.60 range resistance zone if you’re confident in the dollar making more pips against the yen.

But what if USD/JPY extends its downswing? Watch out for a clear break below the support to see if the dollar would head for its June lows next.

AUD/USD: 4-hour

AUD/USD 4-hour Forex Chart
AUD/USD 4-hour Forex Chart

Comdoll warriors gather ’round!

AUD/USD looks ready to bail from the .7400 major psychological handle, which is right smack at the 38.2% Fib retracement of July’s downswing as well as a trend line resistance that’s been keeping the bulls in check since mid-June.

Will AUD/USD extend its losses in the next trading sessions? Aussie bears can short at current levels and gain decent risk ratios from placing stops just above the trend line resistance.

Meanwhile, comdoll bulls who believe that AUD/USD is due for a reversal can watch out for a break above the trend line resistance that we’re watching and target previous areas of interest like .7485 or .7600.