USD/JPY Breakout Stalls, Is the Same in Store for GBP/USD and Gold?
The technical moves made by USDJPY, EURJPY and the rest of the yen crosses looked clean and definitive. And yet, those that attempted to trade the breakdown found the market pulled the breaks almost immediately. Absent was a fundamental drive to carry the serious trend development such a move would imply. Furthermore, the presence of a decisive event like the Bank of Japan ahead would actively curb rampant technical moves. We saw how quickly a divisive fundamental and technical backdrop can disrupt market development with the yen, but will the same conditions befall the British pound and gold after their own aggressive moves? Are there false trend moves that are at risk of reversal? We discuss these unusual market conditions and their trading implications in today's video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.