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PRICE ACTION FOREX TRADING COURSE
Daily Forex Market Commentary:
U.S. Markets were closed today due to the Martin Luther King Jr. national holiday. Foreign markets were open however. European markets rose on the back of speculation that corporate mergers will increase which is generally a sign of improving economic conditions.
Currencies:
The U.S. dollar lost a tiny bit of ground to the euro and Swiss Franc today as there was very light volume in the FX market.
Commodity currencies like the Aussie Dollar and New Zeeland Dollar gained modestly on the green back.
The British Pound continued its upward ascent as EUR/GBP weakness continues to drive the Sterling higher.
The Japanese Yen strengthened modestly against the U.S. dollar. Most of the Yen pair charts are hinting towards further Yen strength.
Pair in focus: USD/JPY
Today formed a nice inside-bar setup that looks to break to the downside. Should it come off to the downside 89.00 support is the logical target level. The inside bar setup provides a nice risk/reward ratio.
For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out our members trading forum.
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