Currency markets continue to show an obvious decline in US Dollar strength, as most US Dollar crosses Trends are pointing against the US Dollar. Strength in the Euro is also occurring which is dragging the Australian currency up as well in this rally.
Most of the trading opportunities are wait and see mode as the pairs are near critical support and resistance levels and are experiencing correctional waves in narrow trading ranges.
EURJPY/USDJPY (4-Hours) Buy
Both pairs have been reaching higher and higher as a result of the decline in the Japanese Yen. This looks like a good opportunity to get in this trade and buy any of these pairs. Both of them continue to retain a strong Up trend as shown by the Trend/Wave/Extreme trend indicators and have a down correctional wave that has reached an oversold region. Therefore it shouldn’t be long before this correction is over and the pairs start rising again. Note that the previous High of these pairs is around 100 pips higher than the current market price so this could be the pips earned by this trade.
Read about the Trend/Wave/Extreme system here.