July 25, 2018 08:27: Turkish Lira / Yen Trade Strategy [From Mr. Satoshi Emori’s Email Newsletter]
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From the investment email newsletter "Real Trading Strategy" by Tetsu Emi (Emori Tetsu) provided by GogoJungle, here is a small portion from this morning's distribution. This time, please take a look at the trading strategy for the Turkish lira/yen, which fell sharply due to the Turkish central bank unexpectedly keeping rates unchanged.
We will skip the Turkish lira/yen. The trend is downward, but it is hard to take action. If a new low is set, we will consider whether to initiate a short position. If it exceeds 23.50 yen, and further beyond 23.90 yen, it tends to rise. The long-term trend sits at 32.30 yen, which is still quite far away. Since emerging-market currencies are highly volatile, it is better to keep position sizes below one-quarter of major currencies.
From “Real Trading Strategy” by Tetsu Emi (Emi Tetsu)
The Turkish lira tends to react immediately to bad news. Please continue to be cautious of President Erdogan's statements. (Editorial desk)
Turkish lira/yen, 1-hour chart.
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