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Trade idea: Buy USDJPY despite mixed signals
Steve Lucas from 3c Analysis is buying dollar yen despite mixed and volatile signals.
He likes the fact that it's posting higher weekly lows and the also that the dollar Index has posted a strong bullish reversal.
As a result, he is looking to buy on the open and a dip at 98.45. He plans to place a stop at 98.16 and his targets 99.01, October’s high and 99.36, the six week top.
The dollar came under pressure after comments by Federal Reserve officials this week indicated that the bank is likely to keep its stimulus program in place for some time to come.
Meanwhile, Bank of Japan Governor Haruhiko Kuroda told reporters in Osaka that inflation expectations are gradually rising and that it’s too early to debate an exit strategy.
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00:47 minutes
Tags: bank of japan, bank of japan governor, boj, currencies, currency, dollar, federal reserve, financial markets, forex, fx, governor, investing, japan, jpy, markets, osaka, profit taking, qe, taper, trade idea, trader, trading, tradingfloor.com, us economy, usd, usdjpy, video, yes