Trade Idea: USD/JPY - Stand aside

USD/JPY – 94.03

Most recent candlesticks pattern : N/A
Trend : Sideways

Tenkan-Sen level : 94.22
Kijun-Sen level : 93.71
Ichimoku cloud top : 93.64
Ichimoku cloud bottom : 92.96

Original strategy :

Buy at 93.00, Target: 94.40, Stop: 92.40

New Strategy :

Stand aside

Despite intra-day brief rise to 94.59, lack of follow through buying and current sharp retreat from there suggest early upmove is not ready to resume yet and further choppy consolidation below resistance at 94.78 would take place, below 93.64-71 (current level of the Ichimoku cloud top and Kijun-Sen) would add credence to this view and bring retracement towards the lower Kumo (now at 92.96) but reckon indicated support area at 92.74-81 would remain intact.

Above 94.59 would bring retest of 94.78 but only above latter level would confirm upmove has resumed for headway to 95.10 (61.8% Fibonacci retracement of 101.45-84.82) but reckon 95.73 (1.618 times projection of 91.60-93.45 measuring from 92.74) would hold from here.

As near term outlook has turned mixed, stand aside in the meantime.