July 20, 2018 08:28: Dollar-Yen trade strategy [From Mr. Tetsu Emori's newsletter]
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From the investment newsletter "Tetsu Emori's Real Trading Strategy" by Tetsu Emori, provided by GogoJungle, this morning's delivery features a trading strategy for USD/JPY where the daily range exceeded 1 yen with rough price movement.
We will take profits on the USD/JPY long. It has become overbought and may fall. Trump’s remarks can be seen as a trigger. He was expected to speak in a discouraging manner from the United States at some point, and indeed it happened at exactly that timing. It is as anticipated. Until now, the yen depreciation has been restrained because Japan funds the North Korea issue, but it seems the shelf life is gradually running out. The dollar has risen across the board, so the Trump administration may no longer be able to endure this. If that happens, the dollar’s rise will be restrained. As repeated, only the United States can manipulate the dollar. There is nothing we can do about that. The smart move is to think about how to use it.
From “Tetsu Emori's Real Trading Strategy” (Tetsu Emori) quoted.
As adjustments progress, there is potential for the 111.30 yen level to be tested. It is weekend, and if profits are riding, it would be wise to take profits for now. (Editorial desk)
USD/JPY, 1-hour chart.
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