Fundamentals:-
This trade is more driven by the fundamental aspect more than the technical picture. Things are heating up a little on the possibilities of a trade war between the USA and China which is causing weakness in the USD. I am looking at the Japanese Yen because it is what we call a safe haven currency. This means that traders will run to the JPY in times of global turmoil and uncertainty which generally causes it to strengthen.
Technicals:-
We have had a breakout to the upside yesterday which was quickly reversed on the latest trade war news and is currently hanging around a 50% retracement of that drop. Looking to enter on market.
Get the full analysis, entry and exit levels on my website under analysis and signals
This trade is more driven by the fundamental aspect more than the technical picture. Things are heating up a little on the possibilities of a trade war between the USA and China which is causing weakness in the USD. I am looking at the Japanese Yen because it is what we call a safe haven currency. This means that traders will run to the JPY in times of global turmoil and uncertainty which generally causes it to strengthen.
Technicals:-
We have had a breakout to the upside yesterday which was quickly reversed on the latest trade war news and is currently hanging around a 50% retracement of that drop. Looking to enter on market.
Get the full analysis, entry and exit levels on my website under analysis and signals
Trade closed: stop reached:
Fears of a trade war faded today causing the USD to strengthen against the JPY and the trade was stopped out