USD/JPY Breakout Looks Tempting, But Abstain Until Next Week
There are very attractive technical patterns developing with EURUSD, GBPUSD and all the yen crosses. However, given the holiday trading conditions and the heavy event risk on the docket next week; it is unlikely we will see any breaks that lead into trend development. And that means, these are not the conditions for swing traders like myself to look for a new position. That said, the outlook is ripe for potential. EURUSD's Cyprus fixation is looking to broader risks, USDJPY is readying for the Bank of Japan (BoJ) stimulus call and GBPUSD has set its expectations too high for the Bank of England (BoE). There is considerable trading potential in these themes, and you should have a plan. We frame out the plan in today's video and will discuss specific strategy in the weekend wrapup.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.