19 Feb 2015
Trading JPY crosses – GrowthAces
FXStreet (Barcelona) - The Growth Aces Team reviews the Japan trade data, and further shares the trade setup for JPY crosses.
Key Quotes
“Japan's trade deficit fell in January to JPY 1.18 trillion. Exports surged a stronger-than-expected 17% yoy to JPY 6.1 trillion, powered by strong shipments of vehicles and machinery. Imports fell 9% to JPY 7.32 trillion, with a nearly 25% drop in imports of oil and gas.”
“Japan's government upgraded its outlook for exports, but left its overall economic assessment of a moderate recovery unchanged.”
“Japanese Economics Minister Akira Amari said on Thursday that it will take more time for Japan's economy to escape from chronic trade deficits because of energy imports."
“The USD/JPY fell yesterday to a day’s low of 118.55 as the USD was under pressure of dovish FOMC minutes and pared-down expectations of a June Fed rate hike. Good trade data had little impact on the exchange rate.The trade is thin today due to lunar new year holidays.”
“We stay sideways on the USD/JPY, but are looking to get long on the EUR/JPY and GBP/JPY pairs.”
“EUR/JPY trading strategy: buy at 135.05, if filled - target 137.70, stop-loss 134.20, risk factor ***”
“GBP/JPY trading strategy: buy at 183.00, if filled - target 186.20, stop-loss 182.00, risk factor ***”
“AUD/JPY trading strategy: buy at 92.30, if filled - target 94.30, stop-loss 91.60, risk factor ***”
Key Quotes
“Japan's trade deficit fell in January to JPY 1.18 trillion. Exports surged a stronger-than-expected 17% yoy to JPY 6.1 trillion, powered by strong shipments of vehicles and machinery. Imports fell 9% to JPY 7.32 trillion, with a nearly 25% drop in imports of oil and gas.”
“Japan's government upgraded its outlook for exports, but left its overall economic assessment of a moderate recovery unchanged.”
“Japanese Economics Minister Akira Amari said on Thursday that it will take more time for Japan's economy to escape from chronic trade deficits because of energy imports."
“The USD/JPY fell yesterday to a day’s low of 118.55 as the USD was under pressure of dovish FOMC minutes and pared-down expectations of a June Fed rate hike. Good trade data had little impact on the exchange rate.The trade is thin today due to lunar new year holidays.”
“We stay sideways on the USD/JPY, but are looking to get long on the EUR/JPY and GBP/JPY pairs.”
“EUR/JPY trading strategy: buy at 135.05, if filled - target 137.70, stop-loss 134.20, risk factor ***”
“GBP/JPY trading strategy: buy at 183.00, if filled - target 186.20, stop-loss 182.00, risk factor ***”
“AUD/JPY trading strategy: buy at 92.30, if filled - target 94.30, stop-loss 91.60, risk factor ***”