Apr 18th 2016: Yen In Demand as OPEC Fails to Agree

• This morning, markets are reacting to OPEC’s failed to agree a cut in output. The news has pushed oil prices lower after days of above $43 price. Commodity currencies have been the big losers, with the USD/ CAD gapping higher this morning.

• The Australian dollar is suffering too as the oil price malaise spreads to other currencies. With AUD/ JPY has experienced a dramatic gap lower.

• The yen pairs generally are on the back foot as demand for the safe haven increases.  Meanwhile the US dollar remains relatively unchanged.

Coming up today: 

• Coming up today, we have Canadian foreign securities purchases and US FOMC member Dudley speaking. at 13.30.

Trade Idea: 

• The USD/ JPY gapped lower at the open, but such gaps are often closed, especially of late.

• Therefore, a good way to play this is a ONE TOUCH trade predicting that the USD/ JPY will close the gap and touch 109.50 within 7 days for a potential return of 116%.

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