Forex Strategy Video: Breakout or Reversal for USDJPY, AUDUSD?
- Both AUDUSD and USDJPY are at the boundaries of high-intensity congestion patterns
- The headroom for a breakout on both is considerable for a range-wary market
- The technical patterns will give important clues but also consider fundamentals and market conditions
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Both AUDUSD and USDJPY are at serious technical boundaries - presenting incredible trade opportunities whether we end in reversal or breakout. Yet, which direction will these markets tip? In today's Forex Strategy video we discuss the primed technical positions both of these pairs are presenting alongside the important fundamental and market condition considerations necessary to establishing the initial move and subsequent follow through. However, the most important takeaway is establishing a higher degree of confidence in the market's intentions rather than trying to 'frontrun' a high-risk setup.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.