If you’re a trend playa and you’re looking for short-term setups on the yen, then you may wanna check out today’s intraday charts update ‘coz I’m serving up a couple of channels on EUR/JPY and CHF/JPY.
As y’all can see, EUR/JPY is currently moving higher after testing that there descending channel’s support.
Y’all may therefore wanna get ready to start looking for opportunities to go short on the pair since the pair is just about to test the channel’s resistance, which should be at or just below the area of interest at 130.70.
As usual, do keep in mind that there’s always a slim chance for a topside channel breakout. And in the event that happens, then the pair would still near to clear 130.70. Otherwise, the risk remains high that the breakout may fail and end up being a fakeout.
Okay, gonna keep it real with y’all. That there descending channel on CHF/JPY’s 1-hour chart ain’t really all that fresh ‘coz we first found it way back on October 4.
Back then, the pair was moving lower after testing the channel’s resistance area, which was at 115.40 at the time. And since then, the pair has obviously been moving lower while respecting that there channel.
Anyhow, the pair is currently testing the channel’s resistance at 114.20 and resistance appears to be holding. Y’all may therefore wanna start looking for a chance to go short on the pair.
Of course, there’s always a risk that the setup may fail, and a move higher past 114.60 would signal that bulls are winning out. The pair would still need to clear 115.10 in order to validate a topside channel breakout, though.
In any case, y’all just make sure to practice proper risk management as always, a’ight?