In today’s Forex Forecast, Wilson Leung, Director of Trendsetter FX, joined Nick Batsford, CEO of Tip TV, on the Tip TV Finance Show to provide outlooks for USD/JPY and EUR/USD.
USD/JPY: seller for choice
Yen is going to see some safe haven buying, and Leung expressed that he was a USD/JPY bull until last week when it came crashing down. He continued that the daily MACD cut below 0, which is a sell signal, and after reaching the 38.2% retracement, Leung wouldn’t be surprised if it continued to the 50% retracement level 119.96.
EUR/USD: Buyer for choice
Leung outlined that he is a Euro bull, with the chart showing the MACD rising above 0, which is a strong buy signal. Any dips in the pair, which are likely after the Federal Reserve announce their decision, are good entry levels to enter long for a 1.1715 target.
