Welcome to a fresh trading week, forex brothas!
Whether you like trading major dollar pairs or if you prefer currency crosses, I got you covered with USD/JPY’s trend and EUR/GBP break and retest opportunities.
Get ’em while they’re hot!
USD/JPY: 1-hour
Is USD/JPY ready to see a trend? The pair has been trading in a wide range since July but its lower highs and lower lows hint that the buyers may be running out of steam.
Dollar bears can short at current prices, which is near a trend line resistance that’s been around since the start of the month.
Last week’s lows is a good area to target but you’ll also want to keep your eyes peeled at the 109.50 zone in case some bulls are hanging around the area of interest.
Not feeling like selling USD/JPY? You can also consider buying the pair but you’ll want to do it when the dollar breaks above the descending channel resistance and with one eye open for some selling around the 110.60 previous resistance.
EUR/GBP: 4-hour
If you missed EUR/GBP breaking above a months-long downtrend, then you’re gonna love that the pair has found support at the .8500 zone that marked the 61.8% Fib of the last upswing.
Euro bulls can take advantage of the support holding by targeting September’s highs. Of course, you can also aim for July’s highs but only if you see enough momentum.
If you believe that EUR/GBP will go back to its downtrend, though, then you can place orders below the .8500 support and then place a trailing stop until EUR/GBP bounces another major support.
