EUR/USD Technical Analysis
The euro rallied a bit during the trading session here on Friday, as we have seen quite a bit of US dollar weakness around the world. That being said, we’re still just chopping back and forth. There’s no real directionality in the short term, but over the long term, obviously, the euro had been quite a bit more bullish than the US dollar. Recently, we had formed a double top at the 1.18 level, so that is worth paying attention to, and we are below there. So, we’ll see. I think this is a market that’s still trying to make a few decisions.
USD/JPY Technical Analysis
The dollar has dropped against the Japanese yen to test the 50-day EMA, but it is starting to show signs of support. If we can turn around and break above that 148 yen level, then I’d be much more comfortable with my long position, but you do get paid to hang on to it, and I have been in this for a while, so that does help. A break above the 148 yen level, I believe, opens up a move to about 150.50 yen. If we break down below here, then the 146 yen level is support, right along with the 145 yen level.
