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Published on Sep 17, 2016
The
USD/JPY pair did very little during the day on Friday as we continue to
consolidate near the 102.50 region. At this point in time, I don’t
necessarily want to put any real money into this marketplace most
certainly have an upward bias. I believe that there is more than enough
support all the way down to the 100 level to have buyers entering this
market on signs of support or just simple value. I believe that the Bank
of Japan will continue to work against the value of the Japanese yen,
so therefore don’t have any real interest in selling this pair. Having
said that, most of the time we need a trend change like this, things get
very choppy so expect quite a bit of volatility.
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EUR/USD and GBP/USD Forecast September 19, 2016
Published on Sep 17, 2016
The
EUR/USD pair fell rather dramatically during the session on Friday,
crashing into the 1.11 level. By doing so, we are challenging a fairly
significant support level, but I think we will eventually break down
below it. In the meantime, you have to assume that a bounce is likely,
but I’m not willing to buy that bounce as the candle was so negative on
Friday. With this being the case, I think that rallies will have to be
looked at as potential selling opportunities on signs of exhaustion
going forward. Because of this, I am essentially in a “sell only” mode. I
think that given enough time we will reach down towards the 1.10 level,
but it may take a while to get down there.
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