Market Update – July 2

Market Update – July 2

ByJamie Saettele

USDJPY completed its flat and reversed from the well-defined 108.00/08, carving a bearish outside day today. 108.00 is the 61.8% retrace of the February-March decline. 108.08 was high print a number of days in April and May. The fractal nature of markets is on display in the chart below. The pattern from 6/5 to today is the same shape as the pattern from 3/24 to 6/5. That’s a fractal! Finally, I like that Yen futures held 2020 VWAP and VWAP from the February low. Very short term focus is on 106.92 although significant downside potential exists in USDJPY as long as price is under today’s high.

Market Update – July 1

Market Update – July 1

ByJamie Saettele

USDOLLAR traded 12383 today, not quite reaching the proposed resistance zone. However, that may be the end of the counter trend bounce. Price reversed right at the upper parallel from a Schiff fork, the 200 period average on the 4 hour chart, and at a level that has been support and resistance since May 2019 (red line). As long as today’s high is in place, risk is lower in my opinion.

Market Update – June 30

Market Update – June 30

ByJamie Saettele

Trading the last few days in indices and FX is best described as a summer lull. That said, SPX focus remains on 2888. Price has respected the short term median line and 25 line the last few days. Expect acceleration lower in the median line breaks. I have no opinion on whether or not the 25 line continues to act as resistance. If it does not then the upper parallel should be watched for resistance near 3120.