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Published on Aug 17, 2016
The
USD/JPY pair initially tried to rally during the course of the session
on Tuesday, but turn right back around to form a shooting star. The
shooting star sits right on top of the 100 handle, so having said that
it’s likely that buyers and support will find its way into the
marketplace in this general vicinity. I believe that the Bank of Japan
should continue to cause a little bit of a barrier in this area, and any
signs of support should be a short-term buying opportunity in a market
that will most certainly continue to see the psychological significance
of the 100 handle. If we can break above the 101.50 level, it should
send the market much higher and reaching towards the 103 handle.
Published on Aug 17, 2016
The
EUR/USD pair went back and forth during the course of the session on
Tuesday, showing quite a bit of neutrality. Ultimately, this is a market
that has recently seen quite a push higher, and the break above the
1.12 level was of course very bullish. Given enough time, the market
will more than likely drop a bit from here as we try to build up
momentum to go higher. Because of this, I think that the markets will
offer value after that move, but we need to see some type of support
after the pullback. If we break down below the 1.12 level, the market
will more than likely sell off some more. The 1.1350 level above is a
resistive barrier, and with that being the case I feel that the market
will continue to chop around, but given enough time it’s likely that we
will continue to see opportunities in both directions.
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