Good day to all, last week I called the turn in the USDJPY was imminent as I was fully bearish above 114,
— Alexandros Yfantis (@alexanderYf) May 9, 2017
also calling major support at 113 that if broken could push at least towards 112….
— Alexandros Yfantis (@alexanderYf) May 16, 2017
Price has reached the important 61.8% Fibonacci retracement of the entire rise from 108.
EURUSD on the other hand has broken out of the bullish channel and this could be a blow-off top. However I would not be looking to sell it but rather look to buy it on dips back towards 1.08-1.07.
USDCAD I’m bullish expecting a move towards 1.40 as I can see Oil weakening. Confirmation of this view will come with oil breaking below 48$ and USDCAD breaking above 1.3720.
GBPUSD remains inside the bullish channel and although we could see a pull back towards 1.28 again, I believe that eventually 1.31-1.32 could be reached.
The Dollar index has reached very important weekly support so at least a bounce for the short-term is expected.
NZDUSD Trying to break out of the triangle?
That is all from me today….have a nice trading day and keep safe