May 9, 2019 08:31: Dollar/Yen trading strategy [From Mr. Tetsu Emori's newsletter]
From the investment email magazine “Tetsu Emori’s Real Trading Strategy” by Tetsu Emori, provided by GogoJungle, here is a small excerpt from this morning’s distribution. This time, please take a look at the dollar-yen trading strategy.
We will maintain a short position in USD/JPY. Given the growing sense of being oversold and the possibility that a large rebound could occur depending on the outcome of U.S.-China trade negotiations, you may consider reducing about half of the position. However, the overall trend remains weak. Since it has broken below the 110.50 yen support, I judge that the downtrend will continue until it recovers this level. The lower target is the March low of 109.70 yen. Repeating: this stock sell-off and yen appreciation reflects the possibility of the U.S.-China trade talks failing. Depending on today’s and tomorrow’s negotiations, there is also a possibility of a rebound. Please stay attentive to further news regarding U.S.-China trade talks.
“Tetsu Emori’s Real Trading Strategy” (Tetsu Emori)quoted.
Emori also notes to be vigilant about stock market movements in response to coverage of U.S.-China trade negotiations. As of 4 PM, USD/JPY is trading in the 109 range. It seems necessary to monitor U.S.-China developments more closely than ever. (Editorial staff)
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