October 11, 2018 08:30:00: USD/JPY trade strategy [From Mr. Tetsu Emori's newsletter]
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From the real-time trading strategy newsletter “Tetsu Emo's Real Trading Strategy” by Tetsu Emo, provided by GogoJungle, here is a small excerpt from this morning’s distribution. This time, please view the trading strategy for USD/JPY that has fallen to the low 112 yen range.
We will skip USD/JPY for now. In principle, a short should have been taken below 114 yen, but it has fallen this far, so let us watch the next move. It is already oversold, but stock prices are falling, so there is a possibility of further downside. First, we will check whether it stops falling around 111.80 yen. Of course, if stock prices do not reverse, USD/JPY will not reverse either. There is a possibility of a drop to nearly 111 yen at most, but by that time stock prices will likely be even lower. Since it has fallen this far, if possible we would like to wait for a rebound and enter long.
From “Tetsu Emo's Real Trading Strategy” (Tetsu Emo)引用。
In response to a sharp decline in the US stock market, the safe-haven yen was bought. It seems better to wait and see until this decline in USD/JPY stabilizes. (Editorial staff)
USD/JPY, 1-hour chart.
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