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Published on Sep 27, 2016
The
EUR/USD pair fell rather significantly during the course of the day on
Tuesday, testing the 1.12 level. This is an area that is minor support,
so quite frankly would not surprise me at all to see this market
continue to drop towards the 1.1150 level over the course of the day
today, perhaps even testing the 1.11 level after that. Recently, the
highs have started to get lower and lower, and there is even an argument
for a potential descending triangle. With this in mind, I don’t have
any interest in buying the Euro and I believe that short-term rallies
will offer exhaustive candles that we can search selling again. With
this, I believe that we will eventually break down and start reaching
towards the 1.10 level given enough time.
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Published on Sep 27, 2016
The
USD/JPY pair initially tried to rally during the day on Tuesday but
ended up falling all the way down to the 100 region. However, by the end
of the day we got some type of stability and as a result we formed a
neutral, although shooting star looking candle. With this being the
case, I think there is a significant amount of bearish pressure but in
the end the 100 level is an area that the Bank of Japan will continue to
pay attention to. With that being the case, I think that any break down
below that level will more than likely trigger buying opportunities on
signs of support and of course intervention. I don’t necessarily think
that the Bank of Japan is going to intervene directly, but they most
certainly will defend this area one way or another. A break above the
top of the shooting star is alternately a buying opportunity as well.
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