An unexpected rate cut from PBOC last Friday has raised concerns to China's economy. Many signs show it is very likely that PBOC will take further actions in order to meet its growth targets. Economists at JPMorgan Chase & Co, Barclays Plc and UBS AG all said the People’s Bank of China will act again to boost demand.
Honestly, I do not want to sell JPY at this level, many bank traders are waiting a major correction, I even would pick a top to short at this stage. USD/JPY formed a shooting star yesterday which means a dramatic reversal is looming.
It has been a long time since I posted an article here. A very bad month is behind us. As always, there are some months which are against you, but I have been sticking one of creeds in my trading theory all the time, which is you should be greedy at your best, conversely, you have to be safe when you are not yourself.