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EUR/JPY Not Taking USD/JPY, GBP/JPY Cues - EUR-crosses Look Soft

EUR/JPY Not Taking USD/JPY, GBP/JPY Cues - EUR-crosses Look Soft

Christopher Vecchio, CFA,

Talking Points:

- EUR/USD continues to follow its daily 8-EMA lower.

- USD/JPY, GBP/JPY post outside reversal bars - not EUR/JPY.

- See the November forex seasonality report that forecasts US Dollar strength.

In a week where central bankers' speeches are set to dominate the headlines, FX markets may have already started to hint at their biases for upcoming moves. After a promising start yesterday, both USD/JPY and GBP/JPY posted outside engulfing bar/key reversal patterns that typically portend to bullish outcomes. Yet there are a few outliers: mainly, the EUR-crosses.

See the video above for technical considerations in EUR/USD, EUR/JPY, USD/JPY, GBP/USD, GBP/JPY, and AUD/USD.

Read more: EUR/USD Direction Next Few Days Contingent on EZ CPI, ECB Speeches

--- 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.