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Trade idea: Long USDJPY following good gains
Steve Lucas from 3c Analysis is looking to long dollar yen following strong gains yesterday. He says that Friday ended a sequence of higher daily lows and that the market closed above the 100-day average.
As a result, he is looking to buy modestly on the open, to place a stop at 99.80, and his targets are 101 and 101.54.
The dollar climbed to an almost seven-week high against the yen on Tuesday, as easing tensions over Syria and encouraging economic data from China slowed down demand for the Japanese currency.
The yen also weakened after minutes of the Bank of Japan's August policy meeting showed members were confident that the central bank's monetary stimulus was helping the country’s recovery.
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01:03 minutes
Tags: 3c analysis, bank of japan, central bank, china, currencies, dollar, financial markets, forex, fx, investing, investment, investor, japan, japanese currency, jpy, market, markets, risks, saxo bank, saxo tv, states, steve lucas, syria, the us, trade idea, trader, trading fx, trading risks, us, usd, video, yen