Morgan Stanley: trading USD/JPY
Morgan Stanley strategists recommend selling USD/JPY from the current levels with a stop above 103.00 and with no fixed target. The idea is to take profit from the bearish correction, caused by change in Japanese officials rhetorics. Remember that today Japan’s Economy Minister Akira Amari said further losses in the currency would negatively affect people and the government’s job is to minimize that.
As of writing, USD/JPY dropped to 102.40. On Friday the pair tested a fresh high of 103.30.
Chart. H4 USD/JPY