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Why I'm targeting the Dollar Yen trade
There's plenty of profit to be had Dollar:Yen, according to First 4 Trading's Ian Coleman. And that's his main trade focus today, Tuesday. He says they're looking at an ABCD target formation which will complete at 101.85.
The U.S. dollar traded higher against the Yen on Tuesday as the Bank of Japan said its M2 money supply rose 3.8% in June.
Coleman is looking for a stop-loss at 100.75 and is targeting at 101.59 and 101.85.
The yen remains the world's worst-performing developed markets' currency. Traders see higher U.S. interest rates as a possible catalyst further to depress the yen.
00:55 minutes
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