In this video, the Trader Guy looks at the currency pairs USD/JPY and AUD/USD for the February 3rd session.
USD/JPY — The USD/JPY pair is looking extremely bearish at the moment testing the 200-day EMA for support. The 108.00 level is seen as the line in the sand at the moment. The market has been trading inside this ascending price channel. A break below this level is very bearish for this pair.
AUD/USD — The market has been falling pretty strongly and now it looks a bit oversold. Hence, it makes sense that you can expect a bounce, and bounces are buying opportunities. The area where it has reached now was the low that the market reached previously during the financial crisis. The 0.6400 level looks supportive. Keep in mind that the market has been reacting to headlines related to Coronavirus situation. Hence, rallies that show signs of exhaustion are selling opportunities.