How To Trade USDJPY, USDCAD And EURUSD Currency Pair?
September 28, 2010 No CommentsGet this Surefire Trading Challenge award winning Forex Trading System that made 1,306% PM FREE and watch the banned system video just now. Download this highly profitable Magic Breakout Forex Strategy by Tim Trush and Julie Lavrine plus 3 Swing Trading Systems FREE. What you must have observed is that USD is involved in almost all these pairs. As a currency trader, it is very important for you to keep an eye on USD and form a market bias of USD.
You should be able to know whether USD is becoming strong or weak. This market bias is vital in trading these currency pairs. It is always a good trading strategy to choose a currency pair with one currency becoming strong and another becoming weak. This type of currency pair can give you the most pips. Now how to trade the USDJY, USDCAD and EURUSD pairs?
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USDJPY
A strong JPY always make the Bank of Japan (BOJ) nervous. BOJ will try to intervene either verbally or directly to make the JPY weak. In the last few weeks, we have seen the JPY hitting 15 years high against the USD. The BOJ intervention is imminent in order to make the Japanese exports competitive in the global markets again. You will be seeing a lot of action in the USDJPY pair in the near future. In the short term, expect the JPY to continue falling. As this is what the BOJ wants and would like.
USDCAD
Canada is a major trading partner of US. Both these currencies are somewhat correlated. US economic expectations have a lot to do with the USDCAD pair. In the last few weeks, a parity of the CAD and USD was expected but now this expectation has changed.
EURUSD
With the German economy doing well, can EURUSD pair be far behind. The EU sovereign debt problems continue to drive this currency pair. Expect EURUSD to fall as the debt problem is not going to go away soon.
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