Strategy Video: Picking the Right Strategy for USDJPY
• On a higher time frame, USDJPY presents a major breakout opportunity
• A breakout from USDJPY and other core yen crosses likely requires a heavy change in 'risk trends'
• Approaching these markets with the appropriate trading strategy may offer us more actional setups
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.
See whether the most liquid pairs are presenting range, trend or breakout opportunities with David Rodriguez's Weekly Strategy report.
There is a breakout nearly two decades in the making nearing for USDJPY. However, a setup on that time frame requires a serious fundamental catalyst to resolve and to further support a trend. That takes time, ideal circumstances and the proper strategy. In other words, this may not be a good trade opportunity to exploit right now. That said, USDJPY may still offer active traders setups that exploit current conditions. In today's Strategy Video, we discuss using market conditions to select the proper trading approach...even when there are high-profile setups like those for USDJPY, EURJPY and GBPJPY.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.