Yen far from Overbought
Although USDJPY hit a 3-month low at 110.96, reaching its 100-WEEK MA for the 1st time in 3 months and its 200-DAY MA for the 1st time in 4 months, YEN strength is far from excessive. 1. Positioning. As the CFTC's speculative data on JPY positioning vs USD suggests, JPY remains net short vs USD, but has broken a 6-month trend line resistance, suggesting further reduction in JPY shorts. 2. JPY Trade-Weighted Index from the Bank of Japan is a truer reflection of yen value, rather than USDJPY, which is starting to reflect reduced USD positioning. JPY TWI chart indicates upside breakout ahead (technicals) and 110 is the obligatory next stop until the next risk-relief rally. After 1 failed attempted, our Premium short in USDJPY opened at 112.70 is nearing the target. Careful near 110.70 for now.
Mar 14, 2019 11:48 | by Ashraf LaidiAshraf Laidi of Intermarket Strategy, returns to Real Vision to analyze the historical cycles in the British pound and to discuss the fundamental backdrop & news regarding Brexit, runs...
Feb 12, 2019 11:40 | by Ashraf LaidiShare price performance of all publicly traded Forex firms is clearly down since the summer on a combination of plummeting traders' interest in cryptocurrencies and a tightening of European...
Jan 17, 2019 14:14 | by Ashraf Laidiأداء العملات مقابل الذهب يشير الينا ان الين اقوى عملة و الكندي الأضعف كما نشاهد التحسن الملحوظ في اداء الإسترليني منذ بداية العام.