Strong moves mean solid opportunities and that’s what we’re seeing today on not one, but TWO yen crosses.
We’re lookin’ at EUR/JPY and CAD/JPY today, yo!
See if you can make pips from these short and long-term setups.
CAD/JPY: 1-hour
CAD/JPY dropped like a rock after finding resistance just under the 82.00 psychological handle.
The downswing hasn’t shown signs of weakness, so y’all better wait for confirmation if you’re expecting a bounce. Buying near the Fib levels would yield a good entry price if you believe that the Loonie can extend its uptrend against the yen.
Feel like we’ll see some selling for a while yet? You can also short at market and then bail at the first signs of support or bullish pressure.
Whichever bias you’re taking today, make sure you’ve got your trading plans and risk management strategies locked down!
EUR/JPY: Daily
I’m seeing a star and, no, it’s not the dog next door who can skateboard like a champ AND poo at will.
I’m talkin’ about the Evening Star on EUR/JPY! As you can see, the pair found resistance at 124.50 and is now dropping like there’s no tomorrow.
But what if the reversal is just a retracement and the pair find support at the 121.00 previous area of interest?
If you see buying pressure around the level, then you can also start loading up positions and aim for a return to its 2020 highs.
Wednesday, February 5, 2020