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Published on Sep 20, 2016
The
USD/JPY pair fell slightly during the session on Tuesday, but found a
bit of support in a very quiet market. I believe that this market
continues to consolidate, and therefore I am not looking to put a lot of
money into it. However, I think that the Bank of Japan has drawn a
‘line in the sand’ at the 100 level, and therefore I have no interest in
selling this pair. I think that sooner or later the Bank of Japan is
going to get its way. Because of this, the market is one that I buy on
dips, but that’s about it. I have no real interest in selling, and
therefore continue to ignore sell signals, unless of course if we see
one near the massive resistance at the 105 level. This level being
broken to the upside would signal a trend change in my opinion.
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EUR/USD and GBP/USD Forecast. September 21, 2016
Published on Sep 20, 2016
The
EUR/USD pair initially tried to rally on Tuesday, but found enough
resistance above to turn things back around. In the end, we formed a
shooting star, and it now looking like we are trying to break down below
the 1.1150 support level. This is a level that has been important time
and time again, so I think it makes sense that we have to test it. Given
enough time, I think that the level will give way, and as a result I
think that we will eventually try to reach the 1.10 level below. I think
that level will be we much more supportive, so that fight will take
more energy. Any rally at this point in time should find sellers above,
and as a result I would look for exhaustive candles in order to sell.
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