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USD/JPY Looks Towards Yearly Low; EUR/USD Breakout Waits for ECB

USD/JPY Looks Towards Yearly Low; EUR/USD Breakout Waits for ECB

2014-05-06 11:30:00
Christopher Vecchio, CFA, Sr. Currency Strategist
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Talking Points:

- EURUSD clears triangle resistance, yearly high near $1.3970 in sight.

- USDJPY yet to join selloff.

- Forex economic calendar rather light on Tuesday.

To keep up with developments central banks and their policy changes, be sure to sign up for my distribution list.

Dollar got you down? You're not the only one. The retail trading crowd maintains short EURUSD and GBPUSD positions at a clip of 5 shorts for every 1 long, and have added during the US Dollar's recent swoon. There's nothing else to blame for the buck's recent withering but for the US economy itself; after all, it was the incredibly hollow April Nonfarm Payrolls report that accentuated the buck's short-term demise.

While a number of technical breakouts are gathering shape, it is important to keep an eye on the forex economic calendar over the coming days, as there is signficant event risk out across the globe (typical for the first full week of the month). The calendar on Wednesday and Thursday should bring some more excitement, with Fed Chair Yellen testifying in front of Congress tomorrow, and the April Australian labor market report and the May ECB meeting on Thursday.

Click here to read a more drawn out discussion on what's currently impacting the Euro.

Read more: Hollow NFPs Leaves US Dollar, S&P 500 Vulnerable to Sellers

--- 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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