Kay Van-Petersen
Kay Van-Petersen, macro strategist at Saxo Capital Markets, digests the market action seen in week 43 and gives his tactical positing. Van-Petersen favours a USD step back, sees gold consolidating, and believes that European equities are overheated.
Medium term
Trade view / 22 September 2016 at 13:39 GMT

EURJPY downside in view

Technical Analyst / FuturesTechs
United Kingdom

Yesterday I suggested USDJPY was about to take another dive basis a "cloudy" outlook. It did. We not only gave back the gains seen on the Bank of Japan  "announcement" but we also saw further weakness later on the Federal Open Market Committee statement. 

There has been some semblance of recovery today but I'm classing rallies as selling opportunities for now, and would be of the same thinking in EURJPY which today tried to recover and topped out at an interesting area.

Management and risk description

Once the first target is hit, move the stop to entry. It's a pretty tight stop to start with anyway, versus the potential reward if all three targets are hit.


Entry: sell at market (currently 113.13).

Stop: above 113.60.

Targets: 112.10, 111.00 and 109.60.

Time horizon: one to two weeks.

EURJPY Daily "Ichimoku Cloud" chart:
EURJPY candlestick chart:
EURJPY weekly

Create your own charts with SaxoTraderGO click here to learn more

— Edited by Michael McKenna

For more on forex click here.

Non-independent investment research disclaimer applies. Read more
22 September
AlexF AlexF
In at short 113.36
27 September
Bullionaire Bullionaire
Me too.
27 September
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
Despite not "getting going" yet I still like this trade and the recent failures at 113.50-60 prove we've got the stop in the right place.. Well done to those who are in higher up. ;-)
28 September
Bullionaire Bullionaire
Booked profits at 112.50 yesterday. Thanks.


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail