Sell on a level breakthrough of 116.62 with 115.96 target. Stop loss = 117.12.
Reason for the trading strategy
Sales in the Asian stock markets continue. Today, the Nikkei 225 is dropping by 2.43% and approaching the level of 16,000 points, the CSI300 is losing 1.57%. Investors are curtailing the carry trade operations, fearing a slowdown in the growth rates of the Asian economies. High uncertainty about the future dynamics of oil prices supports the investor interest in the defensive assets, including the yen. Meanwhile, Mr. Abe, the Advisor to the Japanese Prime Minister, has said today that there are conditions for the Bank of Japan to ease its policy and the yen growth should be stopped.
Reason for the trading strategy
Sales in the Asian stock markets continue. Today, the Nikkei 225 is dropping by 2.43% and approaching the level of 16,000 points, the CSI300 is losing 1.57%. Investors are curtailing the carry trade operations, fearing a slowdown in the growth rates of the Asian economies. High uncertainty about the future dynamics of oil prices supports the investor interest in the defensive assets, including the yen. Meanwhile, Mr. Abe, the Advisor to the Japanese Prime Minister, has said today that there are conditions for the Bank of Japan to ease its policy and the yen growth should be stopped.
USDJPY: consolidation around the level of 116.62
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