US Dollar Forex Trading: 09/03/2013

DailyFX

I wrote last update that...

"The biggest opportunity I am tracking right now is USDJPY. Price is coiled after consolidating since the May top. The Nikkei has reversed sharply from support which has me thinking that the breakout will be higher in USDJPY but there are no certainties. Tactically, chasing before the breakout is a good way to the poor house. Don't try and position for a move higher as price approaches the top of a range. Patience."

The USDJPY has broken out and longs are favored above 98.25. See FX Technical Weekly for more.

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