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EUR/USD and USD/JPY Coil for Event-Driven Breaks

EUR/USD and USD/JPY Coil for Event-Driven Breaks

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- USDJPY ranging ahead of FOMC - breakout due.

- EURUSD holding near 1.3900 after German ZEW miss - read the weekly forecast.

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The Euro continues to weather the storm - today's disappointing German ZEW data did little to shake confidence in the common currency. With the FOMC meeting tomorrow, it's likely that (absent unexpected headlines) that price will consolidate. Over the past few months 1.3825 has been pivotal - a hold above this level is constructive for bulls.

USDJPY has been quelled despite the rebound in US equity markets; and a range between 101.20 and 101.95 has formed on the H1 chart at the start of this week. Using the K.I.S.S. strategy: long above 101.95; or short below 101.20.

Read more: Risk Breakdown Delayed as AUD/USD and USD/JPY Rally Post-Crimea

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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