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USD/JPY Call Signal 17 Feb 2016

Signal details
Entry Price: 
114.15
Close Price: 
113.80
Expiry Time: 
21:00 GMT
Result: 
OTM
How we trade
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The USD/JPY has been slowly inching higher in the past couple of hours after a substantial rally in oil prices has pushed demand away from safe haven currencies including the Japanese yen. Looking at the fundamental picture, the main reason for the move has been an accord reached between Saudi Arabia and Russia yesterday, which mandates a halt in oil production growth.

While the effects of the oil production freeze could be positive for the prices in the near term, the oil supply glut may resurface in the coming weeks and weaken the U.S. dollar as investors repatriate their USD holdings. For now we are looking for a short term rally towards 115.00 in the USD/JPY and this is why we are buying daily calls on this pair should the price reaches 114.15 in the coming couple of hours.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.