EURJPY and NZDJPY Short Ideas

In today’s live trading session, we went over possible trade ideas for EURJPY and NZDJPY.

This morning we noticed the US Dollar Index (DXY) continuing its path to 92.50. Despite this, many of the major currency pairs are staying put. We were able to find a possible short for EURJPY. This trade can be in play if price action can close bearish below last week’s low. This closure needs to be on either the four-hour, eight-hour, or daily timeframe.

The next trade idea is for NZDJPY. Yesterday we discussed the possibility of going long if price clears  73.210. Price had other plans as it pulled back to create a new lower high. We had discussed a short trade for this pair last Friday. This may be the best bet as price approaches last week’s low.  We are waiting for a bearish closure below this low, before entering the trade.

We have the Australian unemployment data set to be released tomorrow evening. The forecasts indicate a bearish result, so we may explore shorts for AUD as well. As always, be safe and trade responsibly!