During this week’s “Technical Tuesday” Analysis Session (January 21, 2020), we provided a brief overview of the inter-day price dynamics in the EUR/USD and USD/JPY currency pairs, and offer various trade scenarios with projected targets that could form within each pair as the week progresses.
After a brief period of correction in the $DXY during yesterday’s MLK holiday, the greenback (US Dollar) continues to climb higher and claw back some of the losses incurred in December of 2019. Although US treasury yields are falling, with the 10-year yield at 1.76%, we’re witnessing EUR/USD tumble lower, in a counter-active manner, through key areas of support in favor of the dollar. However, in the USD/JPY pair, we see confluence & correlation with treasury yields as the pair breaks to the downside. So, with that being said, where is the US Dollar headed?
In this technical analysis video, we disclosed potential trade ideas in both the EUR/USD and USD/JPY, with the USD/JPY trade opportunity developing not too long after this morning’s webinar session. Despite missing out on the USD/JPY trade setup, the EUR/USD setup could trigger any minute now. A nice & clean classical pattern has formed and there is a potential opportunity to “pounce” on this move once we see the confirmation. We talk about it in great detail in today’s video. We also reveal how we predicted exactly what was going to happen 24 hours before the technical pattern even formed.
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Marvin Perry has been an active trader within the Forex market since 2010. He attended the University of Illinois in Urbana/Champaign, and graduated in 2002 with a double major in Cell and Structural Biology and Chemistry. He currently serves as an FX instructor & Quantitative Analyst for the Forex Anatomy Private Trading Community called "The Lab", where he conducts live weekly trading webinars & instruction on Fundamental Analysis & Inter-Market Interpretations of dynamic asset classes and their influence on currencies.