July 18, 2018 08:19: Dollar/Yen trade strategy [From Mr. Satoshi Emori’s newsletter]
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From the investment newsletter “Tetsu Emori’s Real Trading Strategy” by Tetsu Emori, provided by GogoJungle, here is a small excerpt from this morning’s distribution. This time, after the testimony by Fed Chair Jerome Powell in Congress, please take a look at the dollar-yen trading strategy as it climbs back to the 113 level for the first time in about six months.
The dollar/yen trend remains long. It is overbought and caution is needed, but we will hold on until it turns downward. There is currently a strong movement. In the short term, a break below 112.60 yen could signal a change in the underlying trend. There is also a possibility of a correction down to as low as 111 yen, but it seems to be stopping before that. Right now there is a dollar shortage, and it’s hard for the dollar to fall. This isn’t something that can be explained theoretically; it’s a matter of capital demand. Many people want dollars in the market, and as a result the dollar strengthens. If this demand disappears, dollar strength will naturally fade. Since it’s hard to predict when or by what trigger this will occur, the first thing to do is to carefully watch the price movement.
From “Tetsu Emori’s Real Trading Strategy” (Tetsu Emori)引用。
We are focusing on whether the year’s high of 113.39 yen set at the start of the year will be surpassed. (Editorial department)
Dollar/Yen, 1-hour chart.
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