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EUR/USD Triangles Breakdown as USD/JPY Eyes Breakout

EUR/USD Triangles Breakdown as USD/JPY Eyes Breakout

Talking Points:

- EURUSD eyes $1.1200 as immediate support.

- USDJPY needs to clear ¥123.90, ¥124.61 before 'in the clear.'

- See the June forex seasonality report.

The USDOLLAR Index has broken the downtrend from the 6/5 and 6/17 highs. While EURUSD may already be in the early stages of two triangles breaking down, USDJPY has yet to clear its first hurdles in its breakout. With Euro short positioning at its thinnest level since late-July 2014, when priced traded around $1.3500, and Yen short positioning coming off of its thinnest levels in nearly three years, neither short EURUSD nor long USDJPY represents an "overcrowded" trade at the moment.

See the above video for technical considerations in EURUSD, USDJPY, and the USDOLLAR Index.

Read more: Is the USDOLLAR Index Attempting to Bottom? Levels to Watch

--- Written by Christopher Vecchio, Currency Strategist

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