USDJPY – Down
USDJPY trading plan:
Fears that investment banking would take a big hit across Wall Street in the second quarter looked to be confirmed, with JPMorgan Chase & Co and Morgan Stanley reporting that revenues in that business more than halved. JPMorgan investment banking revenue was $1.4 billion, down 61% on the year-ago-quarter, largely driven by a 54% drop-in fees across all products, while the bank also took markdowns on some loans in its investment banking businesses of approximately $250 million in revenue. Morgan Stanley reported a 55% fall in investment banking revenues to $1.1 billion with the bank’s advisory business taking a 10% hit. Equity and fixed income underwriting revenue also plunged 86% and 49%, respectively.
Investment idea: sell 139.11 and take profit 138.44.
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