👀 Copy Legendary Investors' Portfolios in One ClickCopy For Free

Yen Bulls Get A Thumbs Up

Published 20/04/2016, 05:23
USD/JPY
-
LCO
-
DXY
-

Dollar-yen is another pair that may have trapped investors on the wrong side yesterday. Gap down opening in oil also saw USD/JPY drop in early Asia yesterday to 107.84 before the recovery set-in. The bird flew higher to near 109.40 levels today.

Trendsetter FX’s Wilson Leung gave thumbs up to yen bulls as he detailed weekly head and shoulders pattern and low probability of US rate hike next week as major reasons for a sustained weakness in USD/JPY pair.

Leung took note of March low of 110.67 as reversal point and said a break higher would signal dollar strength. Those stuck in shorts may be relieved to hear Leung present a downside medium term target of 106.50-106.00, which according to him is a head and shoulder breakout target as well.

Original post

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.