Forex

Forex $1 MM Challenge – Trade #16 (7-1-19) Sold USD/JPY

After meeting Chinese President Xi Jinping in Japan on Saturday on the sidelines of Group of 20 summit, U.S. President Donald Trump said he would hold back on tariffs and that China will buy more farm products.

Trump also said the U.S. Commerce Department would study over the next few days whether to take Huawei off the list of firms banned from buying components and technology from U.S. companies without government approval.

The yuan gained and the safe-haven yen slid against the dollar on Monday as appetite for risk-sensitive currencies improved after the United States and China agreed to restart their troubled trade talks.

Source

Monthly Chart (Curve Time Frame) – monthly supply is at 121.00 and monthly demand is at 97.000.

Weekly Chart (Trend Time Frame) – the trend is sideways with downward momentum.

Daily Chart (Entry Time Frame) – the chart suggests to go short at the daily supply at 108.60.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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