James Stanley

It’s been a fast-evolving market since the Presidential election three weeks ago. But stocks remain higher, Bitcoin has put in a major move and gold is on its back foot.

USD/JPY set a lower-high last week even as DXY spiked up to a fresh two-year-high. And there’s now a short-term descending triangle formation setting up in the pair.

SPX has a sizable gap sitting below current price action and the top of that zone came into play for four consecutive days, while remaining well defended by bulls ahead of this week’s test of 6k.

The Euro continued it’s Q4 descent against the US Dollar but it’s the recent build of bearish price action in EUR/JPY that’s of interest going into next week.

USD/CAD tested above a major level last week of 1.4000, which hadn’t traded in more than four years. So far this week sellers have sunk price back below that level, but can they hold it into week and month-end?

EUR/USD has taken a beating so far in Q4 but for the past week and the pair is testing the 1.0500 handle for a second time. For both Euro bears and Yen bulls, EUR/JPY could make for a more attractive argument for directional plays.