Dollar-buying strategy, take-profit point!? Powell Fed Chair remarks ~ November 28 dollar strategy ~
◎Strategy and Position
～Dollar-buying Strategy(Settlement Point)～
USD/JPY Long Position
Take profit or Partial profit realization at 114.00 yen
↓↓↓The USD/JPY buying strategy is as follows↓↓↓
Dollar-yen Buying Strategy, a resilient dollar-yen! ～Dollar-buying Strategy on November 19～
USD/JPY Daily Chart
USD/JPY Hourly Chart
Regarding the dollar/yen, I think it is in an uptrend or range-bound market. Will it rise within the daily chart's parallel channel (red) or will the area above 114 yen be heavy, continuing a range around 112 mid to 114 for the rest of the year? I think it could be either.
Therefore, I would like to realize profits at 114 yen. If I leave the position, I would like to take profits on half or two-thirds of it.
Also, when a downturn comes, I am considering a strategy to buy on dips. However, I plan to buy on dips until around December 10. The market becomes quiet in late December, so I expect to wrap up trading around mid-December.
EUR/USD Short Position
Take profit or Partial profit realization
1.1250 or 1.1200
↓↓↓EUR/USD selling strategy is as follows↓↓↓
Euro-selling Strategy, Will there be a Gouan shock!? ～Euro Selling Strategy on November 20～
EUR/USD Hourly Chart
I think euro-dollar will continue to fall even if held. However, I plan to reduce positions toward the end of the year.
Take 1/4 profits at 1.1250 dollars.
Take 1/4 profits at 1.1200 dollars.
Hope to settle the remainder below 1.1200 dollars.
Correspondingly, move the stop to 1.1350 dollars to lock in some profits.
As with the USD/JPY strategy above, in mid-December I would like to reduce positions to conclude year-end trading.
◎Today's Outlook
Today, Chairman Powell of the Federal Reserve is scheduled to speak. Yesterday, Vice Chair Lael Brainard’s speech was not as dovish as expected, which supported dollar buying. Will Powell's remarks sustain dollar-buying today? Or will a dovish tone dampen dollar strength? This is in focus.
Additionally, Asian markets closed higher, and Europe is up at the start. Will the US be able to extend this trend? This is worth watching.
As of 19:00 on November 28
The dollar index is also rising.
November 28 Dollar Index Daily Chart
Will the dollar index reach new highs!? Attention is on this. However, a concern is the possibility of a strong-dollar rhetoric. This morning President Trump said of Powell: 'Frustration with Powell' and 'FRB policies harming the economy.' This is a pre-emptive warning against further dollar strength today.
↓↓↓About the Dollar Index↓↓↓
Pay attention to the "Dollar Index"!! Can USD/JPY break above the 114 yen range?
