US Equity Market Rally Continues As The Dollar Remains Offered

Source: forexfactory.com

Markets to Watch

The FTSE 100, EUR/GBP, and USD/JPY markets are in focus today.

FTSE 100

The FTSE 100 index broke out above a triangle that acted as a continuation pattern and remains well bid. It keeps forming higher highs and higher lows, and the path of least resistance remains the upside.

EUR/GBP

The EUR/GBP bounced from lows in what looks like an ascending triangle but now hesitates against horizontal resistance. Bulls may want to wait for a daily close above 0.8730 before going long for more continuation.

USD/JPY

Following the BOJ decision, it’s worth looking at the bigger picture on the USD/JPY pair.  Three weeks ago, the USD/JPY formed a bearish engulfing pattern on the weekly chart, and such a pattern needs the second candlestick to engulf the first candlestick’s entire body without engulfing the lower shadow. It did so right at the 100 level, suggesting the strength in the JPY is here to stay for a while.

Winners and Losers

The S&P 500 index made a new all-time high yesterday on the back of ongoing US dollar weakness.

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Disclaimer: None of the content in this article should be viewed as investment advice or a recommendation to buy or sell. Past performance/statistics may not necessarily reflect future ...

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