FOREX MARKET TODAY

GBP/USD

GBPUSD initially tried to rally during the course of the session on Monday, and then turn right back around for most of the day and formed a shooting star. Ultimately, breakdown below the bottom of the shooting star could send this market lower, but there is quite a bit of noise just below. If we break the top the candle though, we could go back towards the 1.47 area again. If we do break down, expect quite a bit of choppiness all the way down to the 1.41 level below.

EUR/USD STATUS

EUR/USD

EURUSD initially tried to rally during the course of the session on Monday, but turned right back around to form a shooting star. That being the case, the market looks as if we’re going to try to grind lower. However, there is quite a bit of support below and noise of course, so having said that it’s likely that the sellers will get involved, but the noise will make trading this market quite difficult. On the other hand, a break above the top of the shooting star for the session on Monday would be very bullish.

USD/JPY Update For Today|Get Free Signals

USD/JPY

USDJPY rose during the course of the day on Monday, clearing the hammer that had formed on Friday. This is a very bullish sign, but keep in mind that this is a market that has been in a very negative down-trend for some time now. However, any time you get a sell-off like we have seen, you generally get some type of push-back sooner or later. At this point though, it appears that the buyers are starting to make a bit of a statement, and we should more than likely reach towards the 110 level.