The Yen Might Prove to Be a Buy
We might be able to enter another long in the Yen if we get our price.
Rowan Crosby•Wednesday, December 20, 2017•1 min read
As traders wait on any progress in US tax reform, markets have been a little quiet. The Yen was an interesting trade given the backdrop of what’s going on. We put out a long forex signal and had a nice win yesterday.
That’s despite a bit of underlying weakness in the USD. With that in mind, I feel the area that we entered yesterday might very well be the best bet once again today.
I feel that around 112.50 seems to be the short-term bottom of this range. 112.46 is where we got some buying coming in and as you can see on the chart we had a candle with a long wick which indicates that there is buying in that area.
If the tax bill causes a bit of volatility in the short-term then I will be looking to buy on dips.
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Rowan Crosby
Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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