Good morning traders.
With EUR/USD breaking out of channel resistance and reeking havoc on our shorts, this bout of risk trading does offer alternate opportunity over on USD/JPY.
Take a look at the 4 hourly chart below:
As I mentioned above, with resistance on EUR/USD breaking out, we’ve seen USD/JPY’s hold, and markets get back into correctly correlated sync with one another.
You can see the 4 hourly double top forming and price subsequently being rejected from the second touch of the level.
Zoom into the 15 minute chart…
…and you can see that price is putting in the familiar stepping down pattern that we like to see intraday.
Let us know how you intend to trade USD/JPY from here.
Best of probabilities to you.
Dane Williams – @VantageFX
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Source: Vantage FX Blog