So far, the trading week is going very well. We just closed another +60 pips on DAX and our forex trading signal on Gold has made +30 pips until now. Now, I'm aiming to trade the Japanese crosses, let's take a look...
EUR/JPY - Bearish Breakout in Bullish Channel
As summarized in our previous update Bullish Channel Breakout on EUR/JPY - Sellers Await Entry, the bears are dominating the pairs below 133.850. The market is exhibiting massive volatility, particularly in the Japanese crosses with investors back from the National Foundation holiday.
EUR/JPY - Daily Chart
We can't enter the market right now as the market is already in between the upper and lower range. I'm going wait for the market to plunge to 132. At that level, we may get a chance to catch quick 30 - 60 pips.
GBP/JPY - Triple Bottom Pattern
On the other hand, the GBP/JPY pair is falling sharply and it's likely to gain support at 148.850 and 147.500.
GBP/JPY - Daily Chart
Take a look at the daily timeframe: the bearish trend doesn't seem to halt until it tests the 147.500 and the level where I will be looking to place my long-term buying. Good luck fellows, and stay tuned for more Forex Trading Signals!