Euro Breakdown versus Yen Warns Against Complacency
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Trade Implications – EURJPY: Extremely low forex market volatility has kept major pairs in tight ranges, and indeed the EURUSD and USDJPY look likely to hold key support. Yet failure in the EURJPY clouds outlook somewhat—it would actually favor JPY strength and EUR weakness (USDJPY and EURUSD declines). We’ll continue watching the EURJPY here as it could point to bigger things for the major US Dollar exchange rates.
See next currency section:EURUSD - Euro is an Attractive Buy at these Levels
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.