In this Daily Trade Watch report, we look for high probability trade setups that we can trade throughout the day. Today, our advice is to keep an eye on JPY and Gold.
JPY
Starting off with JPY, with US Indices selling off further, it is supporting the JPY strength move. So, as we look at the USDJPY we can see that price has broken below last week’s low of 111.82 with a normal close. If JPY continues to strengthen and the USD continues to stifle then expect the USDJPY to push lower.
There is a similar outcome expected but for different reasons as we look for a move lower in the GBPJPY below yesterday’s low of 146.52. Potentially, we are also seeing the EURJPY move lower below the 129.12 daily low. Overall, it would prove fruitful to trade JPY against the weaker USD, GBP and EUR.
Gold
The final market to keep a close eye on would be a break above yesterday’s high of 1233.42 in Gold. With all of the recent global uncertainty, it is no surprise that this market is pushing higher.
Keep an Eye on JPY and Gold – Full Video Analysis
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