TD recommends EUR/JPY short as an FOMC hedge


TD with a trade recommendation

TD with a trade recommendation

TD Securities recommends selling EUR/JPY at spot (122.03) as a defensive play if the Fed doesn’t deliver the kind of dovish message the market is hoping for.

They target 120.00 with a stop at 123.50.

Analysts there also say the pair could benefit in an extreme dovish scenario because it would lead to a drop in front-end USD yields and “most likely kick-start the correction” in USD/JPY.


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