Buy on a level breakthrough of 120.20 with 121.67 target. Stop loss = 119.70.
Reason for the trading strategy
In November, the sales in the secondary real estate market in the US fell by 6.1% to 4.93 million per year. Despite the negative statistics, the USDJPY pair has risen. The world's reserve currency will probably be supported by the expectations of an upward revision of US GDP for Q3 2014.
December 6, 2016 What will happen with the euro after the ECB meeting
Morgan Stanley strategists believe that the ECB will keep rates on hold at this week’s meeting, but can expand its QE purchase program. But they consider different scenarios with various responses from the euro...
December 6, 2016 Euro shrugs off Italian referendum results rallying to a 2-week high
The single currency opened Monday on a bearish note but managed to pare losses as investors brushed aside the Italian referendum results. EURUSD closed at a 2-week high right near the resistance level of 1.0765 as noted in yesterday's commentary...
December 6, 2016 Financial markets gripped by Monday jitters
Risk aversion intensified during early trading on Monday following reports of Italian Prime Minister Matteo Renzi experiencing a crushing defeat in the referendum on constitutional reforms which sparked concerns of renewed political instability in Europe...
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