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Coleman: I’m buying USDJPY on 4 year high
As dollar yen is trading at the highest level in four years, Ian Coleman from First 4 Trading has chosen to focus on this pair. The dollar rose against the yen, after encouraging US retail sales data rose expectations the US Federal Reserve could start scaling back its stimulus programme as early as next week.
Ian says continued buying was posted from Wednesday’s low trade (102.14) resulting in dollar yen trading towards the previous high of 103.72. This level has been broken overnight, so his next medium focus is now towards 106.37.
His call is bullish bias; he plans to buy in front of 103.50, to place a stop at 103.20, and his profit targets are 103.80 and 104.20.
The Fed will hold its last policy meeting on Tuesday and Wednesday next week.
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01:42 minutes
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