October 22, 2018 08:39: USD/JPY trade strategy [From Mr. Teppei Emori's newsletter]
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From the investment 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 look at the trading strategy for USD/JPY that has risen to the mid-112-yen range.
We will take a new long position on USD/JPY. While stock prices are still unstable, we will emphasize avoiding further declines. During the day, we will monitor the movement of the Nikkei 225, but basically this is a strategy of holding positions overnight, so we do not concern ourselves with ultra-short-term price movements. However, if Japanese stocks begin to fall in the medium- to long-term, that cannot be ignored. We will be forced to switch to a short position. That said, at this stage there is no need to adopt such a viewpoint. First, we will check whether there is enough momentum to push through the resistance at 112.95 yen. Right now we are trading in a range between 111.90 yen and 112.95 yen. It would be better to wait for a breakout before trading, but for now I would like to confirm the upside momentum.
“Tetsu Emori's Real Trading Strategy” (Tetsu Emori) excerpted.
Recently, investors’ risk appetite has recovered, and selling of the yen and buying of the dollar seem to be gaining the upper hand. (Editorial staff)
USD/JPY, 1-hour chart.
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