In today’s Market Outlook, let’s take a look at Forex Trading on Silver XAGUSD, WTI Crude Oil, the NASDAQ, CADJPY, and USDJPY.
Over the weekend, the prime minister of Japan announced that he is stepping down.
Therefore, on Monday morning, we see price action gaps in all JPY pairs.
There is a saying in trading that gaps always get filled.
This is another always true, but let’s take a look.
In USDJPY, the gap was filled within one day, but other pairs remain.
Price action on CADJPY has just filled the gap today.
EURJPY has some room to fall, but this is where we need to be careful.
When price jumps above resistance, there are no guarantees.
Also, almost all JPY pairs are trending up, so watch your technicals.
If we move back to USDJPY, we may have a reversal opportunity as we see price action at a major level of support.
Last week’s non-farm payrolls were very bad, and the US indices fell dramatically.
However, the idea that the Fed will lower interest rates this month has got investors back in.
Be aware, though, the US is beginning to feel the effects of the ridiculous tariffs, so investor confidence may not last.
Speaking of gaps, WTI opened higher Monday morning as the forecast OPEC October cuts were less than expected.
Price is still moving higher now.
Last time we were wondering if this formation on Silver was a falling wedge, and…it was.
Price broke out and gave us some good opportunities long and short.
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