October 10, 2018 at 08:31: South African rand to Japanese yen trade strategy [From Mr. Teppei Emori's newsletter]
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From the investment email newsletter "Tetsu Emori's Real Trading Strategy" by Tetsu Emori, provided by GogoJungle, we will share a small portion from this morning's distribution. This time, please take a look at the trading strategy for the rising South Africa rand/yen pair.
South Africa rand/yen will unwind the short position and establish a new long position. If it surpasses 7.80 yen, it is likely to rise significantly. The long-term trend is at 8.46 yen, and the downtrend is still in effect. The USD/ZAR is currently near highs, but upside movement is becoming heavier.
Quoted from “Tetsu Emori's Real Trading Strategy” (Tetsu Emori).
This rise in the South Africa rand is seen as a reaction to President Ramaphosa accepting Finance Minister Nene's resignation amid corruption allegations and naming Mboweni, former Governor of the South African Reserve Bank, as the new finance minister. Might this herald a shift toward an uptrend?! (Editorial staff)
South Africa rand/yen, 1-hour chart.
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