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Video / 06 January 2017 at 9:40 GMT

A contrarian USDJPY trade: Lambert

Clive Lambert - FuturesTechs
Clive Lambert, of FutureTechs, explains why is aiming to sell USDJPY.

He has got a slightly contrarian trade today as the overall trend in USDJPY is higher, but he has done well this week trading this to the short side after we posted a Doji on Tuesday upon hitting resistance at 118.65.

Yesterday saw weakness through support at 116.05 but we’ve rallied in overnight trade, he says.
Clive Lambert points out that 116.30-50 is a big area of resistance so as long as we stay below here we can try a short, targeting a return to 115.00 then a move to Fibonacci support at 112.00.
Obviously one caveat with any dollar-based trade today is the US payrolls release later today, Clive says.
The trade involves selling below 116.30, a stop above 116.65 and targets at 115.10 and 112.10, Lambert concludes.

Lambert explains the background to a selected trade every Friday on Trading Floor.
vik7795 vik7795
Hi! How is your view on USDJPY?
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
Hi! clearly this trade didnt work out, as we spiked higher on friday's numbers. We have seen weakness this morning though, after a strong Asian session saw us up to 117.52. So it's a bit of a mixed outlook short term, although my charts do suggest that a pullback to 116.15 could provide a buying opportunity.
vik7795 vik7795
Thank you
vik7795 vik7795
How is your view on UKOIL?
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