EXNESS - Analytics

    EXNESS

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    USDJPY: consolidation in the range of 120.32-121.68

    Buy on rebound from 120.32 level with 121.68 target. Stop loss = 119.80.

    Reason for the trading strategy

    The January decline in China's PMI sparked a local increase in the demand for protective assets, as a result of which, the Japanese currency consolidated at 120.32 yen per dollar. Today, the CSI300 is gaining more than 2%, creating preconditions for a resumption of carry trade transactions in Asia.            

    USDJPY, H4


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