In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we discuss the technical breakout in USDJPY.
From a fundamental perspective, prices are very much in a risk-on phase. This means that the flight to safety trade is currently not in play. We can see this with US Indices making fresh all-time highs. It is the technicals which give us the higher probability outcome for this trade.
When you look at the charts, we have been in a downtrend since Sept. 2018. However, prices recently have begun to turn around. Over the last couple of weeks, prices have really struggled to break above 109.70 and 109.80. Until today, we have not only broken out above daily, weekly and monthly highs, but we have also broken out and closed above a strong descending trend line around 109.50. As a result, we expect more volatility to the upside from here.
Technical Breakout in USDJPY – Full Video Analysis
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