USD/JPY fell on Monday as traders ran from anything risk related. The truth is that this pair is far too dangerous for us to trade at the moment, as the Bank of Japan is currently making it very obvious that they are willing to intervene yet again. In fact, they are currently talking to other central banks for help. The 75.55 area looks like it could be slightly supportive. We are currently staying out of this market until clarity comes back into play.
The USD/CHF pair is in a bearish trend, and the recent price action doesn't change that long-running fact. The pair managed to bounce a bit during the latter hours of Monday trading, and formed a bit of a hammer. As such, it looks like 0.75 might cause a bounce - but we simply wait for that bounce to sell into it. We never buy the USD against the CHF.
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