Forex trading short GBP/JPY and EUR/JPY – WTI and Brent still in descending triangle [Video]

Last time we looked at a short trade on GBPJPY and it still looks good.

But we may have another candidate.

Price action on a few JPY pairs shows promise for a short trade and EURJPY catches our attention for 2 reasons.

Next week, 12 December, the ECB is expected to lower Interest rates which will drive EUR lower.

The week after, 19 December, we expect the BoJ to raise interest rates which will push EURJPY and all the JPY pairs further down.

In fact, next week, we are waiting on interest rate decisions from Australia, Canada, Switzerland, and Europe.

We will do a recap of the predictions on Monday’s video to set you up for next week.

We have been range-trading this descending triangle on Brent Crude and WTI for a while now.

Price action is still falling and the level of support is still at around $67 a barrel.

Tomorrow we have the Non-Farm Payrolls from the US which is usually the biggest scheduled market mover of the month.

Most USD pairs are consolidating so if we are looking for trends to trade with, we have the USDJPY of course.

We also have AUDUSD so, if we get a strong number that pushes price action higher, we may have a technical opportunity if price action  reaches the upper trend line.

If you are wondering if AUD is the weakest currency right now, it may look that way.

However, it seems to be in a tie with EUR.

EURAUD is also in a descending triangle with solid support at $1.60 so we will look for trading opportunities within the triangle.