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Trade idea: Sell USDJPY as rally stalls
Steve Lucas from 3c Analysis is looking to sell Dollar Yen as the rally has now stalled at the 100-day average for the second time this month. He also adds that yesterday saw the worst loss in nearly three months.
Steve says the sequence of higher daily-lows has been ended and now expects a bounce, as the market is oversold.
As a result, Steve is looking to sell on the open and at 97.30. He is placing a stop at 97.71 and 98, and his targets are 95.92, 95 and 93.79.
The yen hit a two-week high against the dollar this week,
after posting its biggest rally in more than two months as investors scrambled
for safety amid heightened tensions in Syria.
01:18 minutes
Tags: . 3c analysis, autoplay, dollar, forex, forex markets, forex trading, fx, geopolitical tensions, investing, investment, japan, japanese economy, jpy, markets, middle east, middle east conflict, rally, saxo bank, saxo tv, steve lucas, syria, syria tensions, trade idea, trader, trading fx, tradingfloor.com, us dollar, usd, video, yen