Buy on rumors, sell on facts: Trump Trade closing out
USD/JPY hourly chart
Before the FOMC, USD/JPY declines
Isn’t this a realization of profits by those who expected further upside in the Trump rally?
This year, many who were hurt by a sharp fall in USD/JPY in the summer
were the ones who bet on Trump as a last-ditch effort to turn things around
more than in previous Trump rallies
gave up and closed their positions, thinking it wouldn’t rise sharply?
Since the rate cuts by the FOMC are already priced in,
I think the impact of this is a larger downward move
Moreover, the FOMC may have triggered long-position liquidations as well, don’t you think?
Depending on the case, we may see a drop toward around 151.46, the starting point of the Trump rally
it is supported by the red 200-MA, and a short-term rise from position adjustment is also possible
I’m concerned that the U.S. 10-year yield is in a downward trend
I’m looking forward to today’s Tokyo midday value strategy
Chair Powell’s press conference is also no surprise
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