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
Musa Makoni | Trading Specialist at GT247.com
Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
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