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Trade idea: Buy USDJPY as dollar drops on budget standoff
Ian Coleman from First 4 Trading is looking to buy USDJPY as the ongoing fiscal standoff in the US has pushed the dollar to a two-month low against the yen.
On Monday a few hopeful signs of a breakthrough emerged, with President Barack Obama saying he would accept a short-term increase in the nation's borrowing authority to avoid a default.
On a technical level, Ian says the daily ABCD formation has been completed at 96.80.
He is therefore looking to buy one unit at market and says that if we see a dip lower he will buy at 96.90.
Ian is looking to place a stop at 96.70 and his targets are 97.47 and 97.80.
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00:49 minutes
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