USDJPY DAILY

Market Update 3/24 – A Look at Select Yen Crosses

Yen crosses are going through the roof. On a very long term basis, the evidence suggests that they could go A LOT higher. For example, the weekly chart below highlights the breakout above the trendline that originates at the 1990 high! That’s significant. In the near term however, my ‘guess’ is that a pullback is around the corner. USDJPY is closing in on the noted channel from the 2016 low. That’s about 122.70. Major support is anywhere between 117.00 and 118.60s.

Market Update 8/9 – Silver Crashes – What Now?

Market Update 8/9 – Silver Crashes – What Now?

The silver crash bounced from a median line today. While the action may feel like capitulation, I’m watching for resistance from the line that crosses lows in June and July (red line). That line is about 24.20. Very near term, price could bounce near 23.05 (see below). The 61.8% retrace of the rally from March 2020 is 18.71. Keep that level in mind for major support if reached.

Market Update 7/27 – European FX Levels Pre-FOMC

Market Update 7/27 – European FX Levels Pre-FOMC

Focus remains higher for EURUSD following today’s hold. In fact, price pulled back to noted support and immediately turned higher. FOMC is tomorrow. The only reason I mention that is because of the potential for increased volatility. Even if you told me what Powell would say tomorrow, it wouldn’t matter. Only the reaction matters! Bottom line, price has held support (for now at least) so I’m looking higher towards the well-defined 1.1950/90 zone.