Looking to Trade a Potential USDJPY Breakdown
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Trade Implications – JPY Pairs: When everyone is buying, we typically like to sell. Yet the fact remains that retail FX traders tend to do well in slow-moving range-bound market conditions. Our Senior Technical Strategist points out that a USDJPY bounce is certainly possible, but traders should be careful of a major break lower. Absent a breakdown we’ll likely stick to the sidelines.
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.