Wednesday, January 25, 2017

Time To Go Long The Yen, A Banker Thinks So

News
Who's the more foolish; the fool or the fool who follows him?

Does the message of the market agree with the Italian banker recommending to his clients to short the dollar against the Yen?  In other words, is it time to be long the Yen?

Let the market offer guidance. Subscribers should understand this setup. If not, please feel free to contact me. The market is always talking to you.  Ignore the banker.

Chart


Headline: Banker who called end of the 2015 dollar rally is telling clients to short the buck

A market analyst who was among the first to correctly predict the end of the 2014-2015 dollar rally is recommending that his clients once again short the dollar—this time against the yen.

Vasileios Gkionakis, head of currency research at UniCredit, Italy’s largest lender, is recommending that his clients short the dollar USDJPY, -0.12% at ¥113.50 with a target of ¥108 and a stop-loss above ¥115.75. Traders place a stop-loss order with their brokers to avoid booking excessive losses. When a stop-loss order is placed, the broker will automatically exit their clients’ position once the value of the asset or currency hits the assigned level.


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