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CIBC wants to “save” traders from mistakes in the game with USD/JPY pair
December 19, 2018 3:23 pmVideo
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The dollar has all the chances to grow if the Fed meets the market expectations. Such an opinion was voiced today by experts from CIBC World Markets in Tokyo. They also advise traders to be more careful with the USD/JPY pair. According to banking analysts, it is worth refraining from opening positions in this pair in case of a breakthrough up at the beginning of the next year or down from the range of 112-114.
In the end, the American currency will become a preferable choice against the background of still existing concerns about Brexit and around the problems with the budget of Italy. Of course, there is a risk of reducing the pair but the dollar can quickly recover, as the dovish increase in the Fed rates is expected.
This step has already been taken into account by the markets: stocks and bond yields declined on the eve of the US Central Bank meeting. The CIBC believes that regulator officials will exclude the word “gradual” from the final comment. Today they will declare that further tightening of the policy will depend on incoming economic data. Market participants can give a reaction to any change of wording, even the most insignificant one.
The USD/JPY pair broke the lower Ichimoku cloud and the 100-day moving average and continued to fall and reached 112.36, considering the closing levels of 0.6% in New York on Tuesday.
The material has been provided by InstaForex Company – www.instaforex.com
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