October 15, 2018 08:31: Pound/yen trade strategy [From Tetsu Emori's newsletter]
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From the real trading strategy newsletter "Tetsu Emori’s Real Trading Strategy" by Tetsu Emori, provided by GogoJungle, here is a small excerpt from this morning's distribution. This time, please take a look at the trading strategy for GBP/JPY, which is moving in the high 146s to the low 147s.
For GBP/JPY, unwind long positions and take on new short positions. The long-term trend is at 149.90, and breaking above this level would clearly change the market tone. The fair value is around 167.95, so the current level is theoretically undervalued.
From “Tetsu Emori’s Real Trading Strategy” (Tetsu Emori) quoted.
Recently, Mr. Emori notes that optimistic views are beginning to emerge regarding the UK's departure from the EU. For the time being, we cannot take our eyes off the Brexit issue. (Editorial Desk)
GBP/JPY, 1-hour chart.
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