MUFG trade of the week: Short USD/JPY ...Middle East

MUFG Research added a short USD/JPY position (spot ref: 149:60) to its TOTW portfolio. The trade has a target at 143.00, and a stop at 152.10. "We want to maintain some exposure to a further weakening of the US dollar and believe long JPY may be the best way for that right now," MUFG notes. MUFG also booked profit on its short USD/SEK position from 10.950 after the trade hit its target at 10.650. "We have closed our short USD/SEK trade idea after the profit target was hit at 10.650. The pair has since fallen further to a low this week of 10.516," MUFG adds. This article was written by Adam Button at www.forexlive.com.

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