USD/JPY Technical Analysis

The US dollar initially pulled back a bit during the trading session, but we have that FOMC meeting the next day on Wednesday. So, I don’t know if we will break out to the upside. It’s possible that maybe we do, but I certainly don’t want to throw a bunch of money into the market ahead of a significant announcement that’s going to move everything.

So, with that, I think you have to look at this as a market that, quite frankly, will more likely than not find itself in a more of a buy on the dip type of scenario. Now, the FOMC and the Federal Reserve could do or say something to upset the apple cart as it were, but any pullback from here, as long as we can stay above the 146 yen level, I look at it as value.

AUD/USD Technical Analysis

The Australian dollar continues to plunge and it is getting interesting, but we need to get below the 200 day EMA for me to start shorting. Otherwise, we could just bounce right back into this channel that we’ve been stuck in for what seems like a lifetime.

This is a pair that has been very difficult to trade, in the sense that it’s been such a grind and not much of a trend, although it definitely ended up trend, but it’s been a fight the whole way. With this, I’m waiting to see if we bounce from this area here to start buying. Otherwise, I’m looking forward to break down below the 200-day EMA and offering a nice shorting opportunity.

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