On the back of the developments in North Korea we have seen some safe-haven buying in Gold. Given the positive correlation between Gold and Yen strength, I expect the Yen to strengthen further from the current price level. However it needs to break below its 100-hour moving average to confirm the bearish move, aggressive traders can start shorting now but I would recommend you wait for the confirmation.
Trade Summary
ENTRY: 111.80
TARGET PRICE: 111.20
STOP LOSS: 112.20
Once the USD/JPY moves below 111.50 move your stop loss to 111.70. Take some profits at 111.40.
Hourly
Chart: Bloomberg
Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.
Read more notes by Musa HERE.
All charts sourced from Bloomberg
