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Trade Idea: Sell dollar yen as we wait for jobs data
Ian Coleman, from First 4 Trading, is looking to sell Dollar Yen at the market. He says that the Dollar Index has experienced mild recovery, which is seen as “corrective”.
He adds that Dollar Yen has been pushed up towards “the Marabuzo level at 98.32” from the 17th October.
As a result, Ian is looking to sell at 98.35, the bespoke resistance. He plans to place a stop at 98.44 and therefore, the 98.55 level should be safe. His targets are 97.80 and 98.55 which is Thursday's low.
A key U.S. employment data will be published later on Tuesday, which will help investors to gauge the probable timing of a cut in Federal Reserve bond purchases.
00:53 minutes
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