The weekend is over, so we are trying to spot levels to pick trades in the forex market.
The last few trading sessions last week were pretty quiet. Most forex majors were stuck in very tight ranges, apart from the Canadian Dollar and the Euro.
Today though, there´s more action. It´s still morning in Europe, but it´s enough to give us a sense of what the rest of the day will be like.
The Japanese Yen barely moved last Friday, but today it is making a move to the upside. It broke above the range about an hour ago when the resistance at 111.40s let go and it quickly jumped another 20-30 pips from there.
By the way, we had a buy forex signal in this pair which we opened last Thursday. It looked to be in danger when the forex market opened last night for the Tokyo trading session, because this forex pair opened with a gap lower, but the gap filled overnight and our forex signal hit take profit.
So, it´s a good start to the new week. I´m also looking at GBP/USD at the moment. Looks like there is a nice chart setup, but we´ll post another update about this forex pair and the possible trade here.
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