Commentary on the USD/JPY and USD/CAD

Forexmentor.com Forex Trading Price Action

The USD/JPY pair continues to look attractive from a short opportunity perspective. This pair was brought to our attention by Chris Classen last week. Even today – Monday, July 16/07 – the daily chart shows price action below the 30 EMA (which has turned down). And, MACD on that chart is below its trigger line, and below the waterline – with good angle and separation. The 200 EMA is trending down on the hourly and 15 minute charts. Translation: Watch out below!

On another front, the USD/CAD pair is tanking – much to my chagrin. I’m out. A bad call on my part. That said, the Big Dogs are extremely short the Canadian dollar (i.e., long this pair). In due course, the pair will rise, but I’ve stopped guessing for the time being. I’ll wait for bottom, whenever that finally takes place. Stay tuned for all the latest news in this regard and others at forexmentor.com.

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