Giuseppe Basile, CSTA/IFTA
FibStalker Trading
Summary: A good week continues after targets in USD/JPY and a 5R on EUR/USD.
In the room we started our review with the GBP/JPY. We had anticipated a continuation lower in this market but no opportunities to enter with small risk were given this week and/or so far. Some players are looking at shorts but as professionals say: "if you see it and you are not in it, the move has ended".
We talked about S&P500 and its relation to USD/JPY and risk-off/on. I believe S&P500 is going to soon pierce the 1,800 area known since August 25, 2015. If S&P500 futures pierces that level, I believe USD/JPY will also fail the 112.12 level. It's risk-off in the markets and the FED might no longer be interested in propping the stock market higher.
GPB/USD, on the other hand, has traded against what we had anticipated and is now in daily long , looking for higher prices.
We touched on the Dollar Index (DX) futures and relation with EUR/USD. We also touched on the inverse relation between EUR/USD and USD/JPY. The DX futures are moving, with a daily short setup into the 94.50 area mentioned last week. The EUR/USD is likely to push higher in the short term and will come back to trade longs, potentially into 1.22.The USD/JPY might keep moving lower after piercing the 112.12 but eventually will come back and offer a 1,000-1,200 pips short into the 100 level.
We closed with the USD/CAD that can continue moving higher into targets even if the USD is going to be pushed lower against other majors (Euro, Yen, etc.)
See you tomorrow at the Live FXS Tokyo Open for more opportunities.
~FibStalker
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Come daily to Live Video and chat with experts and traders.
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In the room we started our review with the GBP/JPY. We had anticipated a continuation lower in this market but no opportunities to enter with small risk were given this week and/or so far. Some players are looking at shorts but as professionals say: "if you see it and you are not in it, the move has ended".
We talked about S&P500 and its relation to USD/JPY and risk-off/on. I believe S&P500 is going to soon pierce the 1,800 area known since August 25, 2015. If S&P500 futures pierces that level, I believe USD/JPY will also fail the 112.12 level. It's risk-off in the markets and the FED might no longer be interested in propping the stock market higher.
GPB/USD, on the other hand, has traded against what we had anticipated and is now in daily long , looking for higher prices.
We touched on the Dollar Index (DX) futures and relation with EUR/USD. We also touched on the inverse relation between EUR/USD and USD/JPY. The DX futures are moving, with a daily short setup into the 94.50 area mentioned last week. The EUR/USD is likely to push higher in the short term and will come back to trade longs, potentially into 1.22.The USD/JPY might keep moving lower after piercing the 112.12 but eventually will come back and offer a 1,000-1,200 pips short into the 100 level.
We closed with the USD/CAD that can continue moving higher into targets even if the USD is going to be pushed lower against other majors (Euro, Yen, etc.)
See you tomorrow at the Live FXS Tokyo Open for more opportunities.
~FibStalker
-----
Come daily to Live Video and chat with experts and traders.
-----
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