Bearish Technical Developments in the USDX, USD/JPY, and EUR/USD (6/27)


As we wrap up the week in the forex markets, the USD continues to weaken. Traders were already selling the USD to start the week, and the deep negative GDP revision for Q1 2014 added even more weight.

We saw the US Dollar index fall to a new low on the month. USD/JPY also pushed to new lows on the month with focus returning back to the low in May as well as the low on the year around 100.76. The EUR/USD was able to maintain a bullish run for a second week but has key resistance just ahead.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at