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Published on Sep 29, 2016
The
USD/JPY pair initially tried to rally during the course of the session
on Thursday, but turned around to form a very long shooting star.
However, I still think that the 100 level below is massively supportive,
so with that being the case I think it’s only matter time before the
buyers return. The Bank of Japan continues to paying quite a bit of
attention at the 100 level, so I have notched in shorting and believe
that it simply a matter of time before you can go long. On the other
hand, we can break above the top of the shooting star and that would be
very bullish as well. At that point time, I would anticipate that the
market would reach towards the 103 handle.
Published on Sep 29, 2016
The
EUR/USD pair went back and forth during the course of the session on
Thursday, forming a fairly choppy and neutral candle. This tells me just
how difficult this pair is at the moment, and as a result I think we
are going to continue to see downward pressure overall, but it’s not
going to be a straight line down to the 1.1150 level, which I think is
where we are heading. I also recognize that the downtrend line on the
chart suggests that the dollar pressure continues, so it’s not until we
break above there that I think that the market could go higher.
Ultimately, this is a market that I feel is very difficult to deal with,
and perhaps probably best left alone.
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