Stay Short USD/JPY And Oil, Long Gold
Alexandros Yfantis | Jul 24, 2017 05:11AM ET
Last week I posted an analysis on oil and the high chances it had to get rejected and reverse lower. Oil price made a double top at $47.50 and got rejected at the Ichimoku daily Kumo (cloud).
I’m short since $47 and we could now be starting a new downward wave that could bring oil to low 40’s…..trend remains bearish.
Gold as per our analysis here and here has reached the $1,250-60 area where the first important test for bulls is to be made.
I remain longer-term bullish gold (since the turn of 2015).
The USD/JPY has turned as expected and has already reached our 1st target of 111.25. The USD/JPY is now testing important long-term support levels. We explained this pair's important junction in this past post.
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Thank you for taking the time to catch up on my thinking. I remain short USD/JPY and oil, long gold.
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