In this video, the Trader Guy looks at the currency pairs USD/JPY and AUD/USD for the February 4th session.
USD/JPY — The USD/JPY pair is testing the 200-day EMA and the bottom of this ascending price channel. So, it makes sense that you can expect some type of bounce. However, the 50-day EMA above could offer strong resistance. However, a break above the 50-day EMA, the market could then reach up to 110.00 level. To the downside, the 105.00 level is the target.
AUD/USD — The market is testing these lows as you can see on the daily chart. The trading session was initially bullish on Monday, but then the pair rolled over to form an inverted hammer candlestick. A break above the top of this candlestick is a signal to buy and you can expect the 0.6800 level is the next target to the upside. This pair is influenced by the headlines related to the Coronavirus situation at the moment.