USD/YEN Trade for the Week
Last Week's Jackson Hole meeting turned around the USD weakness to strength , We saw USD gain across pairs to close the week strongly.Ms Yellen's hawkish (rather I would say not so Dovish) speech was the reason.The expectation for at least one hike this year has increased.However I would say nothing much has changed fundamentally , I think traders would realise it sooner than later and we could see that the gains in USD/YEN especially should vanish as the week progress.USD/YEN has strong resistance at 102.6 levels , I prefer to sell the pair between 102.3 to 102.65 with a 100 ip SL. 102.6 area has an important EMA meeting it there along with Aug high so far and also is the 38.2 fib are for last high to low area in daily.The below daily chart of the pair shows them clearly
The same can be considered for cross pairs like Euro/Jpy and Gbp/Jpy , a sell on rise is highly recommended for the week although I am bullish on Euro for the week.
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Disclaimer :- Trading is not for the weak hearted , Trading these instruments involves high level of risk and losses can exceed capital (depending on your FX Broker).My advises should be used as a medium to learn and not as a medium to get RICH.I dont have any formula for anyone to get RICH. I shall share no responsibility for anyone's profit or losses.Once again Trading is not for everyone.