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Shorting EUR:JPY on Euro strength
Trader Anton Hughes from Magick is shorting the Euro Yen off the back of ‘lame’ numbers out of the US, which have helped strengthen the Euro. In addition to that, he says there are signs of inflation coming out of Japan, and that the Yen tried to break through the 1.32 level but didn’t manage to do so.
The euro has also been lifted by data which showed expansion in German and French private sector business activity.
Meanwhile, the Yen remains the worst performing of the 36 most actively traded currencies against the dollar year to date.
As a result, Anton is looking to enter at 131.289 and for a profit at 130.817.
00:49 minutes
Tags: anton hughes, business activity, dollar, economy, euro, euro yen, france, french economy, fx, fx markets, german economy, germany, japan, macro, magick, saxo bank, saxo tv, trade idea, trader, trading, tradingfloor.com, us data, yen