The One Contengency to Prevent a USD/JPY Break Above 100
The standoff between USDJPY bulls and bears picked up where it left off Monday with 100 standing dangerously and tantalizingly just above spot. Given how recognizable this level is as a round figure and the mid-point for the past decade's historical range, we can draw breakout allusions to Gold's epic plunge below $1,500 last week. The likelihood of a sharp move on a push through a dense round of entry and stop orders above the benchmark fits with the stubborn buoyancy behind risk trends. In today's video, we discuss the conditions behind this setup in more detail as well as the top contingency that can sabotage the breakout - not to mention the trade opportunities on both sides of that scenario.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.