In this video, the Trader Guy looks at the currency pairs USD/JPY and AUD/USD for the July 15th session.
USD/JPY — As you can see that we did break above the 105.00 level, that was a pretty crucial area. It was previously resistance and now we have broken above there. A break above the top of the range on Thursday, it is time to start going long. Pullbacks at this point in time will more than likely be supportive as well. Because quite frankly, there is a real fear about the Bank of Japan intervening either through the stimulus or currency manipulation, the 103.00 below is seen as rock solid support.
AUD/USD — It looks like we continue to grind and that is the key word here — grind higher. I think there could be a bit of a soft floor somewhere near 0.7500. I am not willing to risk too much in this market. Even though I recognize that it is going to go higher, there are a couple of things working against it though. Although Gold is grinding higher, it is typically good. We have to worry about Asia and global growth in general. So, I think the Aussie is going to perform to the upside, but very grindingly. So, I just don't see any sizeable trade here, that you want to hang on to.