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While Yen was the best performer on Massacre Monday, however Yen bids are likely to further disappear going ahead, as global markets recover steadily except China.
China today has taken several monetary policy measures, including rate cut, targeted rate cut and reserve ratio cut which are likely to provide some relief to the market, even if it turns out to be temporary.
On Turnaround Tuesday, markets across the globe are rising steadily, S&P 500 futures are pointing to 3.3% gain, German DAX is up 4.6%, and pan European blue chip index is up 4.7%, Australian market is up 9.5%.
Yen is likely to lose further ground over the week, if risk aversion fades.
Only concern remains prevailing high volatility.
Trade idea -
- With Fundamental monetary policy divergence at focus, Yen is likely to lose ground as FOMC closes in.
- Buy Dollar against Yen at current price (120) with stop loss at 116 area and target 124.5 area. Though 116 remains key support, interim supports at 118.8 and 118 are prominent too.
- Dips buying recommended, to improve average buying rate.
