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Published on Oct 7, 2016
The
USD/JPY pair broke down significantly during the course of the session
on Friday, breaking the bottom of the shooting star that formed on
Thursday. That of course is a negative sign, but we did bounce enough
towards the end of the day to suggest that we will continue to find
buyers in this market. The 104 level above is resistance that I think
extends all the way to the 105 level. Ultimately I do think that we get
above there, but it’s going to take several attempts. Pullbacks and show
signs of support will more than likely continue to be buying
opportunities. Because what happens you can probably anticipate quite a
bit of volatility though.
Published on Oct 7, 2016
The
EUR/USD pair had a very violent session during the day on Friday after
the less than anticipated jobs number. Ultimately, I think that we are
in a larger descending triangle, and as a result I feel that the market
should continue to go much lower. A break down below the bottom of the
candle during the session on Friday would be a very negative sign and as
a result the market should reach down to the 1.10 level below. I feel
that every time the market rallies from here, there will be sellers
above and signs of exhaustion will be reason enough to start shorting
again and again. With this, I feel that the market should continue to be
one that will be difficult to buy and I think that most trades that
your involved in will be very short-term at best.
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