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It’s all about the good ol’ chart patterns on today’s set!

Take a look at these potential breakouts and pullbacks on the yen pairs.

USD/JPY: 1-hour

USD/JPY 1-hour Forex Chart

USD/JPY 1-hour Forex Chart

Breakout alert!

This pair has been hanging out around the bottom of its ascending triangle for quite some time now, probably thinking of making a break for it.

If support around the 143.00 handle gives way, USD/JPY could tumble by the same height as the chart pattern or around 500 pips.

Stochastic is suggesting that the floor might hold, though, as the oscillator looks ready to pull up from the oversold area. This means that sellers could use a break and are letting buyers take over.

In that case, USD/JPY could set its sights back up on the triangle top at the 145.00 major psychological mark.

Moving averages aren’t giving strong directional clues at the moment since the indicators are crisscrossing to reflect rangebound conditions.

GBP/JPY: 1-hour

GBP/JPY 1-hour Forex Chart

GBP/JPY 1-hour Forex Chart

Still feeling yen bullish lately? This setup might have a bit more momentum working in your favor!

Guppy recently fell through the support area at the 165.00 major psychological mark and is pulling up for a retest.

The Fibonacci retracement tool shows that this area of interest is right smack in line with the 38.2% level, which might be enough to keep gains in check.

A higher correction could reach the 50% Fib near the 200 SMA dynamic resistance or the 61.8% level at 166.00.

If any of the Fibs hold as a ceiling, the pair could complete a head and shoulders reversal pattern. Now that suggests more losses in the cards!

The 100 SMA just crossed below the 200 SMA to confirm that bearish vibes are picking up, and Stochastic is also reflecting a return in selling pressure.

I’m even seeing a bearish divergence, as the pair made lower highs while the oscillator had higher highs.

As always, don’t forget to practice proper risk management when trading these setups!