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Published on Oct 17, 2016
The
USD/JPY pair initially tried to rally on Monday but then turn right
back around to form a fairly negative candle. This shooting star of
course suggests that we are going to go lower from here but I think
there is more than enough support underneath the keep this market
higher. The 103 level below should continue to be massively supportive,
and with that being the case I feel it’s only a matter time before we
form a supportive candle that we can go long on. On the other hand, if
we continue to go higher and break above the 105 level, this is a market
that could go much higher. The Bank of Japan continues to work against
the value of the Japanese yen in general, so I do believe that buying is
essentially the only thing you can do at this point in time.
Published on Oct 17, 2016
The
EUR/USD pair rallied during the course of the day on Monday, testing
the 1.10 level above. This is an area that has been massively supportive
in the past, the fact that we are starting to see resistance now isn’t
much of a surprise. However, I don’t have a sell signal quite yet and I
would like to see some type of exhaustive candle in order to start going
short again. Ultimately, the market should continue to go even lower
and perhaps make a fresh, new low, but at this point in time it’s
difficult to imagine that the move will be easy. At this point in time, a
rally of any type at this point in time that shows signs of exhaustion
will be the way to go short yet again. I have no interest whatsoever in
buying and believe that the Euro will continue to fall.
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