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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 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 are 99.01 - October’s high - and 99.36 - the six week top.
The dollar came under pressure this week after comments by Federal Reserve officials indicated that the bank is likely to keep its stimulus programme 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: 3c analysis, bank of japan, boj, dollar, dollar yen, federal reserve, financial markets, forex, fx, fx markets, investing, investment, japan, kuroda, osaka, qe, saxo bank, saxo tv, steve lucas, stimulus, taper, the fed, trade idea, trader, trading, tradingfloor.com, us economy, usdjpy, video, yen