Wilson Leung, Director of Trendsetter FX, joined Tip Tv to give the outlook for USD/JPY and EUR/USD.
USD/JPY: Re-test of 124.50 expected
The recent China stock market rout supported the Yen temporarily as recovery in equities saw USD/JPY rebound higher. The key risk ahead for the cross remains the FOMC meeting and the US rate hike expectations, according to Leung. He further suggests buying any USD/JPY dips below 123, and maintains an upside target at 124.50.
EUR/USD: Keep an eye for a range breakout
Leung notes the key upside and downside levels for EUR/USD, and sees a break below 1.1019 to remove any long positions on the pair.
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