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Coleman: Countertrend trade in USDJPY

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The US Dollar regained some of its losses in overnight trading in the Asian markets, after disappointing US retail sales figured pushed USDJPY to USD 116.07. Despite the slight rise in the dollar’s value, Ian Coleman from First 4 Trading is expecting further weakness from the greenback. Current volatility in the US equities market has been pressuring the dollar’s value lower. Ian belives the absence of a lower low on the Intraday Chart has not yet confirmed any potential bias to the upside in USDJPY.


Therefore, Ian is looking to sell USDJPY at 118.19 with a stop at USD 118.49. He is targeting a move lower towards USD 117.47 and eventually USD 117.07. He recommends exercising caution on this countertrend trade by investing a smaller trading size.

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