August 15, 2018 08:35: Dollar/Yen trade strategy [From Mr. Tetsu Emori's newsletter]
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From the investment newsletter “Real Trading Strategy by Satoshi Emori” by GogoJungle, here is just a small excerpt from this morning’s issue. This time, please take a look at the dollar-yen trading strategy that has recovered to the 111 yen level as concerns over Turkey ease.
We will maintain a long position in USD/JPY. It managed to recover somehow. It looked as though it might be swayed by moves in the Turkish lira, but it held the long-term support at 110.20 yen and turned around. If it rises above 111.30 yen, it will be more likely to move higher. Today, we should watch whether such a move occurs. If Japanese stocks rise, it would tend toward dollar strength and yen weakness. As the summer vacation season began, the Turkish lira plunged, but the yen did not strengthen as much as expected. It may not be a move that could be called a “summer shock.” If the decline of emerging market currencies slows, market turmoil should also ease. It is important to avoid overconcern about Turkey’s troubles, a point I want to reiterate.
From “Real Trading Strategy” by Satoshi Emori.
As the unwinding of the Turkish lira accelerates, the dollar/yen is also seeing stronger unwinding. We will be watching how far this momentum continues. (Editorial staff)
Dollar/Yen, 1-hour chart.
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