USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Trading GBP/JPY on the news
BUY 138.40; TP1 138.75; TP2 139.45; SL 138.25
SELL 137.95; TP 137.05; SL 138.15
Britain will release some economic data today. The forecast is positive. It’s possible to try to exploit this idea trading GBP/JPY.
The pair made a big spike down last week. Yesterday the pair found support and formed a daily candlestick with a long lower wick. This is a sign that GBP/JPY is trying to find a bottom. Advance above MA on H1 at 138.40 will allow it to test at least the Fibo level at 138.75. On the other hand, a slide below 138.00 (50-period MA on H4) if the British data disappoints will allow selling with a target at 137.00.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
Has the US dollar lost a top position forever?
We know that hammer formation may be effective in identifying trend reversals. Let's study it a bit closer to see real-life cases.
CAD will get fresh volatility after BOC statement on June 3 at 17:00 MT time.