August 20, 2018 07:00:00: USD/JPY trading strategy [From Dr. Tetsu Emori's newsletter]
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From the real-time trading strategy newsletter “Tetsu Emori’s Real Trading Strategy” by Tetsu Emori, provided by GogoJungle, here is a small portion from this morning’s dispatch. This time, please take a look at the trading strategy for the USD/JPY, which moved in the mid-110s.
We will maintain a long position on USD/JPY. The yen is being bought as emerging market currencies weaken, but essentially the dollar seems to have reached a peak, so we will continue to watch whether it can hold around 110.20. If this level can be maintained, it is expected to move higher in due course. However, technically it is likely to experience a yen-strengthening phase for the time being. Therefore, even if it declines, do not be surprised, and handle it calmly. The market continues to increase concerns about Turkey’s situation and the U.S.–China trade war. Emerging market currencies are also falling. In this scenario, the yen tends to be bought more easily. This point should be viewed neutrally. On the other hand, to return to an upward trend, at least 111.15 or higher is required. If such movement occurs, stock prices should be rising as well. Pay close attention to stock price trends as well.
“Tetsu Emori’s Real Trading Strategy” (Tetsu Emori) quoted.
There appears to be growing concern that turmoil in Turkey could negatively affect the global economy. Observing whether the Turkish lira continues to fall is important. (Editorial staff)
USD/JPY, 1-hour chart.
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