Missed the big dollar selloff from the past few days?
Don’t worry, USD/JPY’s 4-hour chart and spot gold’s (XAU/USD) daily time frame are showing opportunities we can take advantage of!
What do you think of these setups?
USD/JPY: 4-hour
USD/JPY 4-hour Forex Chart
USD/JPY dropped like a rock last week, falling from the 146.00 zone to trade at its current levels near the 140.00 psychological handle.
Are we looking at a bearish flag situation here?Those who are betting on more losses for USD/JPY can take advantage of Stochastic showing an “overbought” signal just as the pair hangs out at the top of a 150-pip range.
If you’d rather buy USD against JPY, then you might want to watch out for bounces above the 138.50 range support or a clear breakout above the 4-hour consolidation.
What do you think? Which way will USD/JPY go next?
Spot Gold (XAU/USD): Daily
XAU/USD Daily Forex Chart
Breakout alert! Spot gold prices recently broke a descending trend line resistance but also encountered enough sellers around the $1,800 mark to prevent further upside action.
Thing is, the most recent daily candlesticks are already hinting at a pause if not a pullback.Look out for a pullback to the broken trend line that had served as resistance for most of 2022.
If XAU/USD doesn’t pull back down all the way to the trend line, then lower Fibonacci retracement levels near the 100 SMA may attract enough buyers.
Don’t discount more gold-buying though! If XAU/USD gets enough momentum to make new November highs or bust through the 200 SMA, then we could see the pair revisit areas of interest like $1,870 or $2,000.
