In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, we discuss if the flight to safety trade is potentially back.
The reason why we are looking at this trade, from a fundamental perspective, is down to the heightened state of anxiety which exists between the US and China in their tit of tat trade war. With this in mind and looking at the markets from a technical perspective, we have seen the yen take a pullback or a pause over the last week or so. However, this pullback could just be the beginning of the next leg to the upside for the Japanese yen.
As a result, we are looking to put Japanese strength with pound weakness and trade the GBPJPY to the downside, but only looking to do so below yesterday’s low of 139.29. As a cautionary note, be mindful of the potential for the pound to be particularly erratic during ongoing Brexit negotiations.
Flight to Safety Trade Is Potentially Back – Full Video Analysis
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