The Yen Might Prove to Be a Buy
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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