CNH JPY Short Suggestion: Trade For Monday 9 Sept.24
This is the Daily chart for the Chinese Yuan & Japanese Yen. You can see following along the trend line how strong the Yuan was until a month or two ago - when it sharply sold off - 50 EMA diving under the 200 EMA creating a 'death-cross' which can signal a trend change. Even the last couple of Daily candles resumed this weakness down.
So, I see the Yuan falling some more and perhaps quite swiftly down to the levels and take-profit levels I have clearly marked.
One thing to be aware of is that the Yuan is heavily oversold at the moment & I see demand coming back into it very soon after this final 'flush-down' plays-out. Then we might trade it back up when I see enough demand coming back into it.
easy_explosive_trader
Chris
