08-06-2019 USD/JPY long -
Hi Traders,
Monday was a horrible day for the U.S. equity and forex market with CNY devaluation. Dollar Index plummeted to 97.2x level and rebounded with a trendline. I am seeing the upside of USD/JPY for the following reasons.
1. DXY rebounded from key level
2. U.S. equity market recovered from massive sell-off on Monday (the biggest drop of 2019)
3. When it is going parabolic, you have to be in the market.
Monday was a horrible day for the U.S. equity and forex market with CNY devaluation. Dollar Index plummeted to 97.2x level and rebounded with a trendline. I am seeing the upside of USD/JPY for the following reasons.
1. DXY rebounded from key level
2. U.S. equity market recovered from massive sell-off on Monday (the biggest drop of 2019)
3. When it is going parabolic, you have to be in the market.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.