USDJPY - Looking to sell today

Jarratt Davis

Special Consultant to the FPA
Messages
1,495
Posted 18[SUP]th[/SUP] July 2014 – 07:35AM London Time

Hey everyone,

I’m looking for selling opportunities on USD/JPY after the JPY strengthened against its peers overnight benefitting from safe haven related flows amid geopolitical tensions in Ukraine and Israel. I don’t expect this JPY strength to last too long, but whilst there is uncertainty surrounding the market I expect further safe-haven flows to benefit the JPY.

I’m looking to short this pair around the 101.30 to 101.50 area with a profit target of 101.00 to 100.50 and a SL around 101.80.

Overall Bias on this trade


This trade is purely based on sentiment from geopolitical tensions which benefits the JPY. I remain neutral on USD in the long term and bearish on the JPY, and I feel that USD/JPY will eventually rally 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 or 100.00 I expect it to be supported, so this would be an better price to buy USD/JPY for a longer-term trade.

P.S - If you want to learn more about how I trade, check out this link below

http://www.forexpeacearmy.com/forex...e-trading-course-forex-pro-jarratt-davis.html
 
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Ghandi1

Private, 1st Class
Messages
89
Thanks for the update!
Does it mean you will close your long position or you will keep it and add at the lower level as well?
 

chamindamp

Recruit
Messages
6
Dear Jarratt

What will be the most favourable support for this trade, if we consider as a short term trade ? is it 101.8 or 101.7 ?
 

Jarratt Davis

Special Consultant to the FPA
Messages
1,495
Thanks for the update!
Does it mean you will close your long position or you will keep it and add at the lower level as well?
Dear Jarratt

What will be the most favourable support for this trade, if we consider as a short term trade ? is it 101.8 or 101.7 ?
Hey guys,

I've got a long position on USD/JPY from 101.65 which I am still holding for a longer-term trade, today's trade call is based purely on sentiment for a short-term trade and it's riskier because it's going against the fundamentals, I feel like 101.00 support will hold for now however if any additional tensions rise we could see another drop lower, if this is the case I will still be holding my long position because ultimately I feel this pair will rise and I would be willing to add an additional long at around 100.00 to 100.50 depending on the current circumstances.

Currently the yen pairs are erasing some downside because of plans for a 2 - 4 day ceasefire to investigate the plane crash, however no-one has yet claimed responsibility for the crash. I hope that helps!

Jarratt
 

piggywiggy

Private, 1st Class
Messages
33
This sounds like my sister's brilliant trade idea years ago. Buy AND sell and whatever way it goes take profit and hold the other side.

All year the yen's in a trading range 100.80/102.80. I would not short here.
 
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