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Published on Oct 6, 2016
The
Euro fell rather hard during the course of the day on Thursday,
crashing into the 1.1150 level, an area that I believe is the bottom of
the potential descending triangle in this pair. I think that if we can
break down below the 1.11 level, the market will continue to drop down
to the 1.10 level. Ultimately, I think that a bounce from here will more
than likely find quite a bit of resistance as well, so I think that
this is essentially going to be a “sell only” type of market, and a
knee-jerk reaction to the upside could be exactly what this pair does
when we get the Nonfarm Payroll Numbers today. Any rally at this point
in time I began looking for selling opportunities based upon exhaustion.
Published on Oct 6, 2016
The
USD/JPY pair rallied during the day on Thursday, showing real strength
yet again. However, we do get the Nonfarm Payroll Numbers coming out
today, and this pair is highly sensitive to that announcement. I think
that we are starting to get a bit overextended, so pullback is not only
practical, it’s probably necessary. Those pullbacks that come, perhaps
in the form of a knee-jerk reaction to the numbers, will be buying
opportunities as far as I can see. With that being the case, I have no
interest in selling this market and recognize that there is a lot of
support below, especially near the 103 handle. I recognize that the 105
level above is massively resistive, so if we can break above there for
some reason, this market will take off to the upside.
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