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  • $EURUSD is currently trading back around the 1.2040 level today, which has been a key level of support over the past month. The pair headed lower yesterday after attempting to rebound back above the 1.2100 level. $EUR $USD https://t.co/ahaAb0htgK
  • it's strange to see $USDJPY like this. prolonged uptrend continuing to stretch despite overbought conditions. RSI overbought on daily, h4 and h1 charts but it's just kept going big test at 107.50 as another psych level comes back into the equation https://t.co/kXRUbx4VzO
  • Commodities Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.64% Gold: 0.05% Silver: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/z20HglaOQd
  • tech out of favor of late, but $NAS coming up on a big decision point ~12.5 RSI not quite in oversold territory on Daily, but that hasn't happened here since last March (before the low was in place) $QQQ $NDX https://t.co/mujJRPmDta
  • 🇺🇸 Factory Orders MoM (JAN) Actual: 2.6% Expected: 2.1% Previous: 1.6% https://www.dailyfx.com/economic-calendar#2021-03-04
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.19%, while traders in Germany 30 are at opposite extremes with 69.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/bP6TfUZLbt
  • $Gold trying to hold support above the 1700 marker but it's been a two-way fight over the past 24 hours perhaps places even more importance on the Average Hourly Earnings portion of tomorrow's #NFP report https://t.co/PN84yXhK9d https://t.co/UyIPcM7mRo
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.02% Gold: 0.12% Silver: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/QJ6gkcJHUR
  • Heads Up:🇺🇸 Factory Orders MoM (JAN) due at 15:00 GMT (15min) Expected: 2.1% Previous: 1.1% https://www.dailyfx.com/economic-calendar#2021-03-04
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.08% France 40: -0.04% US 500: -0.07% FTSE 100: -0.15% Germany 30: -0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/gGYrTEc6Sh
Top Trade Idea 2019: Short USD/JPY – Dovish Fed Looks to Weaken Dollar

Top Trade Idea 2019: Short USD/JPY – Dovish Fed Looks to Weaken Dollar

Peter Hanks, Strategist

The outlook for many currencies is opaque in the upcoming year. Trade wars and geopolitical risks are abound with new developments sure to arise. With the whirlwind of event and geopolitical risk, the Japanese Yen is one of the few currencies that I believe will remain consistent in the year ahead. While fresh threats can appear at any time, Japan has remained firm in both monetary policy and its avoidance of trade conflicts. Further, Prime Minister Shinzo Abe’s position in leadership appears unthreatened. Consequently, recent trends suggest the Japanese Yen is a strong choice for those looking to avoid drastic fundamental changes.

On the other hand, the US Dollar is the source for much of the world’s macroeconomic fundamental alterations. Near the end of 2018, a dovish shift from Federal Reserve officials unexpectedly called into question the case for three rate hikes in 2019 and any dovish deviation from the current path would weaken the Dollar’s position. It is on the back of this dovish shift I believe a USD/JPY short would present a profitable opportunity given the relative fixed status of one side and shifting fundamentals on the other.

To see all the of the analysts Top Trade Ideas for 2019 and Top Lessons from 2018, download the guides on the DailyFX Trading Guides Page.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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