USD/JPY, Yen Crosses Threaten Massive Reversal and GBP/USD Awaits BoE
The majors are on the verge of meaningful breakouts and/or trend developments, but do these markets have the fundamental drive to support the conviction needed to make that momentous upgrade? (New to Forex? Watch this video.) Weighing that potential is particularly critical for USDJPY as the pair made an important technical break of 97.50 on the back of the most consistent bear move in years just as a multi-month head-and-shoulders neckline comes into view. Most of the yen crosses face a similar conundrum. Meanwhile, GBPUSD is just below 1.5400 as the market tunes in for the BoE inflation report; and EURUSD is nudging a long-term trendline as breakout pressure seems to be deflating. We discuss a range of these tantalizing trade setups and their actual prospects in today's video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.