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EUR/JPY looks like it has found support at the 131.00 major psychological handle after falling from its 132.25 April highs.
Euro bulls who believe that EUR/JPY is ready to go back to its previous highs can jump in at current levels and place stops below the 100 SMA for a good risk ratio.
If you think that the downswing isn’t over just yet, then you can also place some orders around the 61.8% Fib closer to the previous resistance and the 100 SMA.
Think EUR/JPY is actually headed lower? You can place small positions around the current levels and then exit as soon as you see sustained bullish pressure. Just make sure to watch the 130.75 zone that bulls and bears have been minding since March!
Here’s a straightforward trend play for ya.
AUD/CAD is consolidating around a trend line support that has been holding since early 2020.
Now that the pair is sporting a bullish divergence on the daily, do you think we’ll see more Aussie buying?
Buying at current levels would yield a good reward-to-risk ratio if AUD/CAD does extend its longer-term uptrend.
But if AUD/CAD trading below a key trend line support leads to the Aussie seeing more losses against the Loonie, then you also gotta be ready to short AUD. .9400 looks like a good initial target but .9250 has seen a lot more support in the last year.
Good luck and good trading this one!