Forex Market Technical Outlook Video for The Yen.
The Yen finds itself in an interesting place. As tensions mount with North Korea and a strong US market. Forex Market Techncial Outlook video for AUDJPY and USDJPY below…..
Forex Market Techncial Outlook for AUDJPY
On $AUDJPY this week, we have see a Gap form to the upside yet trading this week has been very sideway as price has hovered around the $82 up to $84 price range. I’m expecting that this maybe the the fullest extent of a little pullback to the upside as price has been very bearish for the past couple of months. I believe that price will now continue to go down and hit weekly demand at $80 before we see price move above $85. Overall, I’m still very bearish on this market and the Neural Network Software pointing to the downside on this pair.
Forex Market Techncial Outlook for USDJPY
On $USDJPY, Price broke through demand at $109 last week which was a big surprise to me as I was looking for the rally to continue back up into the $118 weekly supply zone. So given this new market event I’m now looking to the downside and expecting price to fail to break new weekly supply at $112 then continue on down to retest the lows at $104. Now, this picture is a very big picture and it may take months to year to play out. However, this overall look I think is important to consider as week look to forecast the price action of this week. On the Daily TimeFrame, We can see price has found some weakness at the daily supply zone from $11.14 up to $112.20 and it could be a wonderful area to join the new downtrend as price is giving us a beautiful retest of supply. I would personally wait for price to confirm this daily zone on a smaller timeframe then jump in to the downside if you are not already short from the highs. Overall and bottomline I’m very bearish on both the Yen Markets this coming week.
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