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Published on Oct 24, 2016
The
Euro initially tried to rally during the day on Monday, but went back
and forth and ended up forming a bit of a neutral candle, if not a
shooting star. A break down below the bottom of the candle would of
course be negative, and that would signal to me that we are reaching
down to the 1.05 level given enough time. I think even if we break above
the top of the candle for the session on Monday, there is still plenty
of resistance above and with that I think that the 1.10 level will
continue to be massively resistive. The markets continue to show quite a
bit of negativity overall, and with this it’s likely that the situation
remain bearish and as a result I have no interest whatsoever in buying
this pair.
Published on Oct 24, 2016
The
USD/JPY pair initially dipped on Monday, but broke higher and then now
looks as if it is trying to reach towards the 105 level. That is a
significant amount of resistance, and as a result it’s likely that we
will continue to bang up against that area, and if we can break above
that level I believe that we will continue to reach towards the 107
handle. On the other hand, we could pull back and at this point in time I
believe that the 103 level below will continue to be the “floor” in
this market. Ultimately, this is a market that should continue to see
plenty of bullish pressure due to the Bank of Japan’s stance, and of
course the fact that the United States should have at least one
interest-rate hike relatively soon.
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