JPY
Comment: The longer the ‘gap’ from the weekend remains, the stronger the next downside move. Yesterday’s small ‘spike high’ suggests we are about to kick off again by the end of the week. The US dollar is somewhat oversold but downside momentum is stronger than it has been all year. For this morning expect more work below 115.20, down to 114.25. Then down again to January’s low at 113.41.
Strategy: Sell at 115.00/115.20; stop above 115.40. Short term target 114.25/114.00 and eventually 113.50.
EUR
Comment: Squeezing relentlessly if slowly higher for the fourth day in a row. This may give some a false sense of security but it is just a matter of time until we trigger stops which should lie at 1.2500 and 1.2600. The Euro is not yet overbought and bullish momentum has increased a little. For this morning expect quiet consolidation around current levels, with the chance of a new recent high increasing if we hold above 1.2350.
Strategy: Buy at 1.2455, adding to 1.2385; stop below 1.2350. Short term target 1.2465 and the psychological 1.2500.
Review GBP/USD
Prediction G/U today in range 1.7800 - 1.7940, with critical point of uptrend in 1.7870, 1.7900, and last 1.7920an
For critical level of downtrend in 1.7825, 1.7800. If At the time of this level is passing and condition of oversold is not happened, hence very possibly will return to level 1.7770
Giving attention to the level, if happened by the direction inversion, better close position & paying attention to if decreasing more than 10 pips, you can do sideways trading.
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