Safe-Havens Gain Ground To Open The Week
Safe-havens are putting up nice gains, even though traders appear to be favoring a “risk-on” mentality. Gold, the Swiss franc, and Japanese yen are all in positive territory today vs the USD. While stocks are on the march north, traders aren’t ignoring the havens.
On the news front, today’s media buzz is all about an apparent return to business-as-usual in the United States. Reports are now surfacing that the U.S. Congress will defer reconvening until May 4. In addition, a rift between governors and the Trump administration is thought to be growing over potential re-open dates. At this point, it’s anyone’s guess when the American economy will get back to normal. However, we are likely to hear the Federal Government’s plan sometime this week.
At this point, market participants are buying everything from stocks to safe-havens. Is this the beginning of the post-coronavirus mass exodus from cash? Today, signs point to yes.
Safe-Havens Rally, USD/JPY Falls Beneath 107.00
For the USD/JPY, the bearish run has carried over into a second straight session. Currency traders are limiting exposure to the Greenback as the impact of FED QE begins to be felt.
+2020_04_14+(12_10_05+PM).png)
Bottom Line: In the event that the USD/JPY exhibits bearish extension, I will have buy orders in the queue from 106.54. With an initial stop at 106.24, this trade produces 25 pips on a sub-1:1 risk vs reward ratio.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveBest Forex Brokers
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals