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Published on Oct 18, 2016
The
US dollar went back and forth during the course of the session on
Tuesday against the Japanese yen, essentially settling nothing. I still
believe in going long of this market will we pullback and show signs of
support, but at this point in time we don’t have it. A supportive candle
could be reason enough to go long, but at this point I think we need to
go a little bit lower in order to find massive support, probably
somewhere near the 103 level. A break above the 105 level would be a
longer-term “buy-and-hold” type of situation. I have no interest in
shorting this market as the Bank of Japan continues to try to push this
currency pair higher, and I believe that the 100 level is essentially
the “line in the sand.”
Published on Oct 18, 2016
The
Euro initially tried to rally during the day on Tuesday, but turn right
back around to fall below the 1.10 level again. Ultimately, this is a
market that continues to drop over the longer term and I believe that
every time we rally, you have to be looking for selling opportunities
based upon exhaustion. I do not have any interest whatsoever in buying
this market and I believe that we are going to reach towards the 1.09
level below, and then eventually the 1.05 handle after that. I think the
1.1150 level is massively resistive, so I do not think that until we
break above there with significant static we can even remotely think
about buying this market. With this being the case, I think you can sell
and sell again.
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