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Published on Aug 31, 2016
The
Euro initially fell during the course of the session on Wednesday, but
turned back around form a hammer. That being the case, it looks as if
the market is trying to find a bit of supportive action here, and as a
result should send this market looking for the 1.12 level above. We can
break above there; we should continue higher. However, I also recognize
that if we break down below the bottom of the hammer, it’s likely that
the market will fall from there. Nonetheless, the Nonfarm Payroll
numbers come out during the session on Friday, as could have a massive
effect on the US dollar and of course the overall action of the Forex
markets for the next several sessions. Between now and then, I would
anticipate that we should have a fairly quiet market.USD/JPY and AUD/USD Forecast
Published on Aug 31, 2016
The
US dollar rose against the Japanese yen during the day on Wednesday, as
we continue to see bullish pressure. We are now above the 103 level,
which was a barrier that was going to be fairly significant. Having said
that, it’s very likely that the market could continue to reach towards
the 105 level, but I also recognize that there is a lot of influence
that can come into this marketplace due to the jobs number on Friday. I
believe that pullbacks at this point in time will more than likely offer
buying opportunities, so I am a short-term buyer but I do recognize
that Friday is going to be monumental as far as the direction in this
pair more than likely as the Bank of Japan has decided to trying to
weaken the Japanese yen, while the Federal Reserve is suggesting that
perhaps rate hikes art out of the question in September.
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