In our Daily Trade Watch, we look at some high probability trade setups that we can trade throughout the day. Today, there are significant opportunities as JPY weakness can be exploited.
GBP and EUR Strength
GBP rallied to its highest level against the USD since 2nd August. Also, EUR strengthened across the board after Draghi’s press conference. Finally, USD sold off considerably as a result of poorer than expected inflation data. However, the currency which was by far the weakest in comparison was JPY.
Yen Pairs
So, from a trading perspective, we will be looking for some continuation in the Yen pairs against the USD, EUR and GBP. This is especially the case if we see continuing breaks above the relevant daily highs. It would also be important to note that when we see very long range days like we have seen in EURJPY, GBPJPY and USDJPY, we are also likely to see sellers look to sell the high. With this in mind, always protect your capital and don’t be too surprised if we don’t see the follow through.
JPY Weakness can be Exploited – Full Analysis
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