Market Commentary...

Hi All,
The crosses still seem to be caught up in a small range and they dont seem to have been able to break out of that. The only encouraging thing so far is that none of the crosses have broken to the downside which shows that they have a lot of strength and support at the bottom.

GJ seems to have been caught in the range of 247.9 and 248.9 and cannot come out of it even though GU has been making new highs daily. But this is good in a way as this gives us the opportunity to trade the S and R effectively.
Tomorrow some more important news is to be released and we need to see the effect of that. So far, the news which came out of USA today did not seem to affect the pairs in any big way and so we have to wait and see what happens with the news coming out tomorrow. The yen crosses seem to be quite strong and as said, they have quite good support. So i feel that it is only a matter of time before there is a breakout on the long side. But of course, tomorrow is a new day and with that we need to see what it brings along. The Japanese would also be back tomorrow after their holiday and we need to see how they react to the current market situation.

Happy Trading!!!