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Forex: USDJPY at Range Extreme, EURUSD Breakout Troubled

Forex: USDJPY at Range Extreme, EURUSD Breakout Troubled

John Kicklighter, Chief Strategist

Talking Points

  • Dollar breaks higher, but a lack of risk aversion curbs potential
  • Market conditions favor a USDJPY range over a strong EURUSD bear trend
  • There are yen crosses for risk on (CADJPY), risk off (EURJPY) and risk neutral (USDJPY)

After three weeks of congestion, the Dow Jones FXCM Dollar Index finally made for a break. The currency's rally above 10,760 however will struggle to develop into a meaningful trend without a definable drive in risk aversion. And, the slow but firm rebound in US equities suggests no such move is immediately at hand. While there are many trade opportunities should risk appetite collapse (EURUSD extending its tumble or EURJPY changing gears on a trendline break) and a few positioned for a sentiment rally (such as a bullish resolution to an acute CADJPY wedge), our focus will be on those setups that don't require ideal conditions. In today's video we discuss why USDJPY presents a favorable setup in most conditions alongside a view of other key setups to watch in an increasingly volatility market backdrop.

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

Market conditions change, and our strategy should reflect those changes. We have coded the DailyFX-Plus strategies for Breakout, Range and Momentum to adapt to these market shifts.

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