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Coleman: Why I'm selling dollar yen
With little momentum expected in the dollar Index, Ian Coleman from First 4 Trading is closely following the recent uncertainty surrounding the dollar yen cross.
He explains the dollar index is experiencing mixed trading levels and appears stuck between levels of 80.83 and 81.12. He thinks this stagnant momentum will continue into next week, given the lack of macro events occurring on Friday. Currently, the index is hovering at the level it was at before last week’s payroll data was released.
Noting a mild bearish bias in dollar yen, Coleman sees an opportunity to take advantage of the recent fluctuations in the market. He is now anticipating a downward swing for the currency.
Ian plans to sell at 104.14 with a stop at 104.34. Profit targets are set at 103.86 and 103.60, which is Tuesday’s Marabuzo level.
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01:34 minutes
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