Profit: -2.83 Total: $569.91
The Japanese yen continued to fall, as UJ and NJ tease me on it’s way up. I had a good entry to long the two pairs, but ultimately closed it. Woke up to see the yen fall about 200 pips since yesterday.. Preliminary GDP is set to come out tomorrow which will be interesting to watch. Oil is still rising up as the dollar weakens. Right now, I’m focused on two pairs, the JPY and the GBP.
The JPY is interesting because the Japanese economy needs a weak yen to function well. The Japanese government is not shy to intervene so catching a the yen at a good price is a rare opportunity. It’s sitting around 111-112 right now and I’ll see if it can break and go touch 110. Another long term trade I’m looking at is the GBP/USD. The pound has been bashed hard this year and is sitting at a 7 year low. It’s at a huge buy zone which will attract many traders. Once this Brexit drama gets settled, I can definitely see it bouncing back up.