Welcome to the last trading day of the week!
If you’re looking to bag your last-minute pips, then you’re gonna love what I’ve spotted on GBP/USD and CAD/JPY‘s charts.
GBP/USD: 1-hour
Cable is finding support at the 1.2600 major psychological handle, which is just above the 100 SMA and an ascending channel support that has been keeping the bears at bay since the start of the month.
Feeling like shorting the pound instead? You can also wait for a clear break below the 100 SMA and then aim for potential tests of the 200 SMA or 1.2500 support levels.
Whichever bias you end up trading, make sure you follow your trading plan like your new indoor plants’ lives depend on it!
CAD/JPY: 1-hour
Here’s one for the range playas out there!
CAD/JPY’s strong downswing hit a pause around 78.40, an area that has been supporting the Loonie since mid-June.
Think CAD/JPY will see another bounce at the level? Buying at the first signs of bullish momentum would give you a legit reward-to-risk ratio especially if the Loonie pops back up to the 79.50 range resistance.
If you’re one of them breakout traders, however, then you can also watch out for a clear break below 78.40, place your stops just above the broken support, and then aim for areas of interest like 77.80 or even 77.50 or 77.20.