It’s 4/20 and you know what that means – we have 10 more days to make pips before the month ends!
If you want to keep it simple and stick to trends, then you’re gonna love that USD/JPY and GBP/AUD are seeing pullbacks.
Check them out!
Is USD/JPY finally seeing a legit pullback?After almost hitting the 129.50 psychological level, USD/JPY has dropped and is now trading closer to the 128.00 handle.
Coincidentally, the area lines up with the 1-hour chart’s 100 SMA and a trend line support that hasn’t been invalidated since the month started.
Of course, the bulls could step in before USD/JPY hits 127.00. Keep an eye on the 38.2% and 50% Fib levels in case the dollar has more buyers than the last candlesticks suggest!
GBP/AUD is about to hit the 1.7575 area that’s near the 200 SMA on the 1-hour chart. What’s more, it’s also around a major area of interest!Bulls who believe that GBP will continue to gain pips against AUD can start scaling in at current levels and then add positions as soon as there’s bullish momentum.
If you’d rather pay attention to the (just) broken trend line support, though, or if you think that GBP/AUD will go back to its longer-term downtrend, then you can consider placing short positions once the pair has clearly broken below the 200 SMA support.
Watch how GBP/AUD reacts to the 200 SMA to see which direction the pair will head next!