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MENAFN - DailyFX - 18/09/2012

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Last week I went long the US Dollar against the Japanese Yen, and I’ve most recently bought the Euro against the US Dollar. I’m effectively long the EURJPY.

I think this makes sense for the reasons I highlight in my article this morning: EURUSD 1.30 represents critical support and retail trading crowds remain heavily net-long US Dollar across the board.

I like the EURUSD position as long as we remain above 1.30, and the USDJPY position remains in force as long as the pair trades above ¥76. Profit targets start at 1.3165 on EURUSD and ¥80 on the USDJPY.

These trades imply a target of ¥105.30 on the EURJPY.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to drodriguez@dailyfx.com;

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

Facebook at http://www.Facebook.com/DRodriguezFX

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.


 






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