September 21, 2018 07:57: Dollar-Yen trade strategy [From Mr. Tetsu Emori's newsletter]
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From the real trading strategy newsletter “Tetsuya Emori’s Real Trading Strategy” by Tetsuya Emori, provided by GogoJungle, here is a small excerpt from this morning’s dispatch. This time, please take a look at the trading strategy for USD/JPY, which is hovering around the mid-112 yen range.
We will maintain a long position on USD/JPY. It is holding in the 112 yen range, but it has become quite overbought. The key is whether it can sustain this level when Japanese stocks face downward pressure. If there is a pullback before the three-day weekend, there is a high possibility that USD/JPY could be sold. We would consider taking profits if it falls below 112.25. However, the downside should not deepen too much. The next target after the high of 113.16 reached in July will be difficult to surpass. It is expected that selling pressure on the yen will accumulate, so going forward, one must also watch for movements that unwind those positions. Concerns about the US-China trade war have considerably diminished. Depending on the outcome of next week’s trade negotiations between the US and Japan, nothing is certain yet. It is important to pay attention to these factors.
From “Tetsuya Emori’s Real Trading Strategy” (Tetsuya Emori).
Market attention is on the Federal Reserve’s FOMC meeting scheduled for the 25th and 26th next week. A rate hike is viewed as highly likely, so attention is on how the pace of future rate hikes will unfold. (Editorial team)
USD/JPY, 1-hour chart.
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