Daily Forex Update: EUR/JPY

The EUR/JPY’s 15-, 30-, and 60-minute time frames have traded quietly throughout the day and tightly consolidated into a sideways trading range, which sets up potential momentum entries. Because the EUR/JPY trades in a similar direction to the U.S. equities market (and many traders feel that the EUR/JPY in fact leads U.S. equities) there was little movement in this pair – as one might have predicted based on the flat Dow Jones index.