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Forex: Beware False EURUSD, USDJPY Breakouts

Forex: Beware False EURUSD, USDJPY Breakouts

John Kicklighter, Chief Strategist

Traders are nervously counting down the hours until the Fed delivers its highly-anticipated assessment of the need to Taper its diet of $85 billion-per-month stimulus injections. The result of this anxiety is thinned out participation against clearly visible technical congestion patterns, which can combine for false breakouts. We witnessed just such a scenario with EURUSD through this past session, but there are many more tense 'opportunities' across the markets - and especially amongst the majors. We discuss the unusual market conditions that we face in the run up to the Fed decision as well as the trade approach best suited for such a prominent and pervasive event risk in today's video.

Use the DailyFX-Plus Technical Analyzer to identify possible trade setups.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.