I’ve got these simple range setups on my radar for today!
Can these yen pairs keep moving sideways once inflection points are tested?
CAD/JPY: 4-hour
CAD/JPY 4-hour Forex Chart
Check out this fresh range setup on CAD/JPY!
This pair has been pacing back and forth between support at the 102.50 minor psychological mark and resistance around 107.25.
Another test of the ceiling seems to be in the works, and it looks like there’s still some room to hop in the rally if it keeps up.If you’re bearish on CAD/JPY, though, better wait for an actual test of the range resistance before shorting.
Technical indicators seem to be favoring a drop anyway, as the 100 SMA is below the 200 SMA while Stochastic is approaching the overbought region.
Once the oscillator starts turning south, bearish pressure could build up and attract more Loonie bears at nearby resistance levels.
CHF/JPY: 4-hour
CHF/JPY 4-hour Forex Chart
Now this one’s already bouncing off the top of its range and might be enjoying some downside momentum.
CHF/JPY retreated from the ceiling at the 143.15 mark and might be setting its sights on the range support around 138.85 from here.If you’re trying to catch this potential selloff, watch out for the nearby dynamic support at the moving averages. That’s right in the middle of the range, which has held as an area of interest, too!
Also, keep an eye out for Stochastic pulling up from the oversold region to reflect a return in bullish vibes. The 100 SMA is crossing above the 200 SMA as well, suggesting that buyers might have the upper hand.
If that’s the case, we might just see a quick bounce off the 141.00 mark that could take CHF/JPY back up to the range resistance.
