In today’s Forex Forecast, Wilson Leung, Managing Director of Trendsetter FX, shares the technical outlook for EUR/USD and USD/JPY.
EUR/USD – Sell any intraday recovery
Leung remains bearish on the EUR/USD, expecting the market to test the downside. He notes that the cross breaking below 1.1087 will change the outlook to negative. The recent movement suggests the correction from September’s low has ended, says Leung, and hence suggests selling any intraday recovery of the EUR.
USD/JPY – Buy the dips
Leung expects USD/JPY to remain range-bound ahead, and further suggests buying the dips and taking profit on the rally. He remains a buyer near 119.87 levels and maintaining a stop at 119.06, but falling below this will see a move towards 118.60 levels.
