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Published on Oct 16, 2016
The
USD/JPY pair had a slightly positive session on Friday as we continue
to bang around the 104 level. I still believe we are trying to break out
to the upside but there is a certain amount of bearish pressure at the
105 level as it is not only psychologically significant area, but it is
an area that we have seen selling at previously. I think pullbacks will
continue to offer value going forward, with the 103 level being
significantly supportive overall. If we can break down below that level,
the market looks very likely to pull back to the 101 handle, but at
this point in time I stick to the idea of going long, because I know
that the Bank of Japan will eventually do whatever it takes to turn this
market around as it has historically done.
Published on Oct 16, 2016
The
EUR/USD pair fell rather hard on Friday, closing below the 1.10 level
for the first time in several months. The very bearish candle that
printed for the day broke down below significant support from the
previous session, so it makes sense that we would continue to go much
lower. I think at this point in time, if we can break down below the
1.0950 level, we will continue down to the 1.08 level, and then perhaps
even down to the 1.05 level. With the recent action in the Euro, you
have to believe that any rally at this point in time will be a selling
opportunity and therefore I don’t have any interest whatsoever in buying
this pair at the moment.
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