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Published on Oct 19, 2016
The
USD/JPY pair fell during the day on Wednesday, as we continue to roll
over from the recent surge higher. Ultimately though, I do think that we
are going higher over the longer term and at this point in time I think
there’s a bit of a “floor” at the 103 level. Even if we broke down
below there, I think there are plenty of places where the buyers could
step back into this market, and I still believe that the “line in the
sand” as far as the Japanese central bank is concerned is to be found
near the 100 handle. In other words, I think we are going to pull back
from time to time, but that’s only going to offer short-term buying
opportunities. If we can break above the 105 level, it’s likely that we
would then reach towards the 107 level above that.
Published on Oct 19, 2016
The
Euro initially rallied against the US dollar during the day on
Wednesday again, but just as we had happened on Tuesday, the sellers
came back into the marketplace and pushed lower. At the end of the day,
we had formed a shooting star and it is sitting on pretty significant
support. With this being the case, I believe that a break down below the
bottom of the shooting star probably sends this market looking to the
1.09 level below, and then eventually even lower than that. I have no
interest in buying this market, is clearly showing that there is a lot
of downward pressure at this point in time and I believe that short-term
rallies offer value in the US dollar that you can take advantage of by
shorting this pair.The Euro initially rallied against the US dollar
during the day on Wednesday again, but just as we had happened on
Tuesday, the sellers came back into the marketplace and pushed lower. At
the end of the day, we had formed a shooting star and it is sitting on
pretty significant support. With this being the case, I believe that a
break down below the bottom of the shooting star probably sends this
market looking to the 1.09 level below, and then eventually even lower
than that. I have no interest in buying this market, is clearly showing
that there is a lot of downward pressure at this point in time and I
believe that short-term rallies offer value in the US dollar that you
can take advantage of by shorting this pair.
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