Forex Commentary

The second trading day of this week brought yet another another trade setup on the EUR/JPY during the New York session. Although the euro yen failed to break above a major psychological level after the European open, New York open, and U.S. equity market open, the currency pair’s direction was still unclear due to mixed signals from futures markets. The release of a terrible U.S. consumer confidence survey provided clarity, sparking a simultaneous rise in 10-year T-note futures and drop in S&P 500 futures — a scenario in which the EUR/JPY usually falls. Traders who took the conservative entry on a pullback netted a profit of about 100 pips.

Duration : 0:17:52

[youtube WSyUmzxtY0o]