Forex Strategy Video: Will USDJPY Follow EURJPY into a Critical Breakdown?
• EURJPY broke 2013 support with a hefty push on the Euro by the ECB's surprise rate cut
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The markets were chaotic today, but the pandemonium was perhaps most extreme for the Japanese yen crosses. Volatility was a hallmark for the currency in overall, but EURJPY escalated the situation by clearing what looks to be 2013's support. This technical move suggests the long awaited revival of trend development has finally been decided with a bearish conviction. Yet, before we dive headfirst into the move, we first look at the patterns still holding for USDJPY, GBPJPY and other crosses. There are important fundamental themes that will decide the eventual trend of the yen crosses - and a strong move by EURJPY alone is not one of them. In today's Strategy Video, we discuss the probability of a return to trend for USDJPY and the yen crosses.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.