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Before You Trade the USD/JPY Breakout, Watch this Video

Before You Trade the USD/JPY Breakout, Watch this Video

John Kicklighter, Chief Strategist

Over the past few weeks, USDJPY and a number of other dollar-based majors have developed clear congestion patterns. This past session, a sharp dollar drop triggered a number of technical breakouts. (New to Forex? Watch this video) Having waited so long for meaningful volatility and trend development, it is tempting to jump on board of these clean moves. However, there are a number of problems with taking these enticing trades. A dubious spark, lack of fundamental drive in the upcoming session and the knowledge of market-altering event risk next week require a closer look. We look at the breakouts from USDJPY, EURUSD, GBPUSD and other pairs and discuss their trade potential in today's video.

Find out what event risk can threaten the trade setups talked about in today's video with the DailyFX Economic Calendar.

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