I’m looking for buying opportunities on USD/JPY after the pair broke below 101.50 yesterday, this was supported by risk aversion over the ongoing European banking health concerns. I don’t expect this JPY strength to last but make sure to keep a close eye on the news feeds in case any further safe-haven flows develop which will push this pair lower again.
I’m looking to long this pair around the 101.20 area with a profit target of 102.20 and a SL around 100.90
Overall Bias on this trade
I remain neutral on USD in the long term but feel that USD/JPY will rally mainly because of central banks differences, with the FED tapering QE and the BOJ still full steam ahead with their QE programme.If the price falls down to 101.00 I expect it to be supported, so this would bean even better price to buy USD/JPY.
At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
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