CNH JPY Short Suggestion: Trade For Monday 9 Sept.24
Updated
https://www.tradingview.com/x/BkyLOMJR/
This is the Daily chart for the Chinese Yuan & Japanese Yen. You can see following along the trend line how strong the Yuan was until a month or two ago - when it sharply sold off - 50 EMA diving under the 200 EMA creating a 'death-cross' which can signal a trend change. Even the last couple of Daily candles resumed this weakness down.
So, I see the Yuan falling some more and perhaps quite swiftly down to the levels and take-profit levels I have clearly marked.
One thing to be aware of is that the Yuan is heavily oversold at the moment & I see demand coming back into it very soon after this final 'flush-down' plays-out. Then we might trade it back up when I see enough demand coming back into it.
easy_explosive_trader
Chris
This is the Daily chart for the Chinese Yuan & Japanese Yen. You can see following along the trend line how strong the Yuan was until a month or two ago - when it sharply sold off - 50 EMA diving under the 200 EMA creating a 'death-cross' which can signal a trend change. Even the last couple of Daily candles resumed this weakness down.
So, I see the Yuan falling some more and perhaps quite swiftly down to the levels and take-profit levels I have clearly marked.
One thing to be aware of is that the Yuan is heavily oversold at the moment & I see demand coming back into it very soon after this final 'flush-down' plays-out. Then we might trade it back up when I see enough demand coming back into it.
easy_explosive_trader
Chris
Trade active
SHORT: CNH / JPY
Sell @19.90 to 20.25 or thereabouts
SL: 21.0763
TP:18.30
* I recommend that your total risk in the trade is no more than 0.25% to 0.5% of total capital
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