Thursday, August 27, 2015

Gonna short USDJPY pretty soon

The dollar is experiencing a bounce along with stocks after getting crushed over the past week. I don't know about the euro, which may very well head lower as it's doing now, however, I think the dollar's break all the way down to 116 yen on Monday signals a change in trend.

I have been looking for the yen to rally based on a couple of factors, one being the steep drop in oil prices and the other, the fact that after four years Japan has begun restarting their nuclear reactors.

Right now I am looking for a level  to short USDJPY and I think I may enter this trade around 121.28 if we get up there.

1 comment:

Michael Norman said...

So...I did get short at 121.28 like I said. Close to high of the day. In the green now with a 64 pip profit.