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It’s NFP week and you know what that means! Lots of possible forex trading opportunities! This week I’m looking at EUR/USD and USD/JPY. How about you?

USD/JPY

USD/JPY 1-Hour Forex Chart
USD/JPY 1-Hour Forex Chart

First up is this breakout setup on USD/JPY. I’m still an overall dollar bull but I recognize that the dollar-buying song has been played way more often than Taylow Swift’s “Bad Blood” these days. We could see a bit of profit-taking ahead of the NFP report or we could see even more traders positioning for a strong dollar rally.

Remember that Janet Yellen and her gang recently hinted that they’re looking at employment numbers as basis for their interest rate hike schedule. A reading above the expected 225K figure could push the ascending triangle breakout into fruition and push USD/JPY up to 105.00. Or not. In any case, I’m planning on entering somewhere within the rising trend line or maybe at a breakout with a stop just below the trend line.

EUR/USD

EUR/USD 4-Hour Forex Chart
EUR/USD 4-Hour Forex Chart

This one is my anti-dollar setup in case the dollar bulls take profit ahead of the big event or if the NFP report came out worse-than-expected. The 1.0800 – 1.0825 area is looking like a solid area of interest since mid-April. A 100-pip stop could be used if I’m targeting the July highs near 1.0900.

What do you think of these setups? Do you have the same biases as I do?

XOXO,

Huck

See also:

2014 HLHB Trend-Catcher Performance

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This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.