July 30, 2018 08:00:00: USD/JPY Trade Strategy [From Mr. Satoshi Emori's newsletter]
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From the real trading strategy newsletter “Tetsu Emori's Real Trading Strategy” by Tetsu Emori, provided by GogoJungle, here is a small excerpt from this morning’s delivery. This time, please take a look at the trading strategy for USD/JPY in a watchful mood.
We will overlook USD/JPY for now. Although there is a heavy pressure on gains, the downside also seems to be solidifying. It is barely supporting the 110.55 yen level, and the downside appears firm. There is a somewhat stronger sense of being oversold, which leaves room for upside. If it surpasses 111.15 yen or 111.50 yen, it seems likely to move toward a full-fledged rebound. At that point, it would be sensible to consider new long positions. As noted above, there is dollar flow, so currently the market is in a supply-and-demand environment that tends to push the dollar higher. Therefore, USD/JPY may be supported by this flow. However, the above flow has a greater impact on EUR/USD. Consequently, if EUR/USD rises, the euro would be sold, which could lead to yen appreciation on a cross-yen basis.
From “Tetsu Emori's Real Trading Strategy” (Tetsu Emori).
This week features important events such as the Bank of Japan policy meeting, the FOMC, and the U.S. employment report. Given the outcomes of each, the market may react sensitively, so caution is warranted. (Editorial staff)
USD/JPY, 1-hour chart.
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