USDJPY

The USDJPY remained in a tight range with resistance found below 114.50 during trading on Monday as anxious investors waited for the heavily anticipated Bank of Japan press conference on Tuesday. Despite this range, the pair is bearish in the bigger picture and the bear flag candlestick formations may open doors to levels as low as 111.00. From a technical standpoint, prices are balancing above the daily 20 SMA while the MACD trades deep to the downside. While most broadly expect the BoJ to keep its current policy intact, the possible element of surprise may pose a risk and we remain on standby until after the decision. If bears send the USDJPY back below 112.50 then sellers may be encouraged to drag prices towards 111.00.

NZDJPY

The NZDJPY continues to illustrate erratic tendencies with prices trading just above the daily 20 SMA. The MACD has crossed to the upside but the bigger picture trend looks bearish and this generates mixed signals. A strong breakout above 77.50 may suggest bullish strength which should encourage buyers to send the pair towards 79.00, on the other hand if prices break back below 75.00 then a decline towards 73.50 seems likely.

SILVER

This precious metal is turning increasingly bullish on the daily timeframe and a decisive breakout above $15.60 should encourage a further incline towards $15.90 and potentially higher. Prices are trading above both the 20 and 50 SMA while the MACD has also crossed to the upside. Further Dollar weakness may act as a catalyst for bulls to gain enough momentum to break above $15.60 in the near term.

USDTRY

The USDTRY is technically bearish on the daily timeframe as prices are trading below the daily 20 SMA while the MACD has crossed to the downside. A solid breakdown below 2.88 should encourage bearish investors to send the USDTRY lower towards 2.85. A bullish move back above 2.90 suggests bearish weakness and invalidates this daily bearish outlook.   

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