In this video, the Trader Guy looks at the currency pairs, USD/JPY and NZD/USD for the July 13th session.
USD/JPY — We rallied pretty drastically during the day. So, really at this point in time, we are testing the 105.00 level. Having said that, this is an area that I suggested previously would be resistive and I think it goes to the 106.00 level. With that being the case, this is an area that is going to be difficult to overcome. If we do get above, then we will go much higher. Clearly, at this point in time, people are concerned about the Bank of Japan, which I have been talking about for a few days and about the 100.00 level. But we have gone a little too far, too quick in my estimation. So, a pullback is needed in order to build up the momentum to go higher. At the moment, I have no interest in selling.
NZD/USD — We broke higher and made fresh new highs. But right now we are just grinding. I think eventually we will go higher, if we break above the 0.7300 level. If we pull back, I think the 0.7200 level will offer enough support and 0.7000 is most certainly the floor in the market. So, either way this is a buy only market at the moment.
© Prabhu for Forex Videos, 2016. |
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