Buy on rebound from 117.47 level with 118.90 target. Stop loss = 116.90.
Reason for the trading strategy
The CSI300 declined by more than 6%, and the Nikkei 225 declined by 2.35%. The monetary stimulus measures carried out today by the Chinese regulator, which had provided the commercial banks with 440 billion yuan (67.1 billion dollars) via reverse repo operations, were of no help to them. The positive effects brought by these measures may appear later and lead to an increase in demand for risky assets.
Reason for the trading strategy
The CSI300 declined by more than 6%, and the Nikkei 225 declined by 2.35%. The monetary stimulus measures carried out today by the Chinese regulator, which had provided the commercial banks with 440 billion yuan (67.1 billion dollars) via reverse repo operations, were of no help to them. The positive effects brought by these measures may appear later and lead to an increase in demand for risky assets.
The USDJPY is approaching the support level of 117.47
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