forex Novella Chart Art: Retracements and Retests on USD/JPY and USD/CAD’s Charts

Novella Chart Art: Retracements and Retests on USD/JPY and USD/CAD’s Charts

We’re all about the dollar today!

See, USD/JPY has taken a breather from its downtrend while USD/CAD might be retesting a broken resistance level.

Worried about your time frames? Don’t be! I gots the goods for both day and swing traders alike. Check it!

USD/JPY: 1-hour

USD/JPY recently found support at 106.00 and looks ready to extend its upswing.

At which level do you think will the bears step in again? 106.35 works for those who are watching the mid-channel level on the 1-hour time frame.

You can short at current levels if you feel like the bulls are done for the meantime, or you can wait for higher retracements or bearish pressure you’re not sure about shorting the dollar right now.

Feel like buying the Greenback instead? You can also buy at a break above the mid-channel lines and then bail at the first signs of bearish momentum.

Whichever bias you end up trading, make sure you follow your trading plan like it’s yo first video game cheat code!

USD/CAD: 4-hour

USD/CAD broke above a descending triangle on the 4-hour chart but lost momentum just above the 1.4150 levels.

Are we looking at a break-and-retest opportunity over here? Buying at current levels would make for a good trade especially if USD/CAD ends up making new May highs in the next couple of trading sessions.

If you’re convinced that we’re looking at a fakeout, however, then you can also short USD/CAD as soon as it gets back inside the triangle and then aim for previous areas of interest near 1.4025 or 1.3950.

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Tuesday, July 28, 2020

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