Forex: USD/JPY Offers New Extremes, EUR/USD Faces Another Breakout Risk
The US Dollar posted its biggest rally in six months on its way to a six month high at the same time the S&P 500 closed its longest series of daily gains since October 2006. Benchmarks on the opposite side of the risk spectrum continue to move in concert - suggesting that a key element of the markets is sidelined. This changes the trading environment significantly. However, a return to sentiment-controlled markets is ultimately inevitable and will likely generate serious volatility as well as trend. We discuss the means for trading these conditions as well as a few immediate setups (from pairs like EURUSD, EURAUD and GBPNZD) in today's video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.