Got another yen special for y’all this week! I’m looking at a mix of trend, retracement, and range setups this time.
First up is this neat range setup on the 4-hour time frame of NZD/JPY. The pair just bounced off support at the 72.50 minor psychological mark and may be setting its sights on the top at the 75.00 handle.
Stochastic is pulling up from the oversold region to show that buyers are ready to regain the upper hand, but the pair might need to bust through the nearby ceiling around 73.00 to gain momentum.
Next up is this different view on CAD/JPY from the reversal pattern we were looking at last week. The pair seems to be hitting strong support at the bottom of its ascending channel seen on the 4-hour time frame as a doji candlestick pattern formed right there.
The next candle closed above its high to confirm that buyers are regaining the upper hand while stochastic is also pulling up from the oversold region to reflect a return in bullish pressure. In that case, the pair might climb to the channel top past 89.00 or at least until the mid-channel area of interest.
Last but certainly not least is this classic trend pullback setup on the 1-hour time frame of CHF/JPY. Now this pair has been trending lower steadily for the past few months, so it’s likely that sellers could keep up these moves.
Price is in the middle of a pullback and is currently testing the 38.2% Fib. A larger correction could lead to a test of the falling trend line and area of interest around the 112.50 minor psychological mark and 61.8% Fib. Just keep an eye out for stochastic turning south to gauge when bears are ready to take over.
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