As a result of morning falls, USDJPY broke the bottom of its local consolidation lasting from the beginning of this week. After a short-term correction, there was a re-test of the lower limit of this box, where supply response occurred. A permanent rejection of this resistance could open the way to further declines. In short term, therefore, it is worth considering PUT option on this instrument.
Similar situation is also observed on the currency pair USDCAD with the difference that here the situation occurs in a slightly wider time horizon on a H4 interval. In this case, the market already broke local support on Friday, which we re-tested as a resistance. Similarly like in case of USDJPY, it is also worth considering PUT option in short term.
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The current weakening of the US dollar is also supported by current situation on the GOLD market. On H1 chart, we will see that the market has reached last week maximum, where today first demand response has already occurred. A permanent rejection of this level could open the way for further gains. So in the short term, you should consider CALL option on this instrument.
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