EUR/JPY continues to probe near the 164.58/85 resistance area for now. The jury is still out on whether or not the short term trend is solidly turning back to the upside. Price would need to close above the 164.70 zone and then run through 164.95 in order to confirm that the short term trend is indeed up.
Lest we forget, we have 2 very big events for this week. Market is already priced in a 25bp cut on October 31st, however our focus will indeed be on how much more will Fed need to cut and the accompanying statement will provide some clues. I will talk more on this later, but for now I would go out on a limb and say quarter point cut as the most likely outcome.
I expect for some profit taking actions before the Fed news, just keep your fingers cross..
Monday's Pivot Points:
R3 = 166.21
R2 = 165.37
R1 = 164.87
PP = 164.03
S1 = 163.53
S2 = 162.69
S3 = 162.19
No comments:
Post a Comment