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Trade Idea : USD/JPY - Sell at 115.30 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 12 17 08:29 GMT
USD/JPY - 114.09

Most recent candlesticks pattern   : N/A

Trend                      : Sideways

Tenkan-Sen level              : 114.65

Kijun-Sen level                  : 115.47

Ichimoku cloud top             : 116.37

Ichimoku cloud bottom      : 115.88

New strategy  :

Sell at 115.30, Target: 113.90, Stop: 115.65

Position :  -

Target :  -

Stop : -

Although the greenback staged a rebound to 116.87 yesterday, the subsequent selloff together with the breach of previous support at 115.07 signals the erratic decline from 118.66 top is still in progress and may extend further weakness to 113.90-00, then towards 113.50-60, however, near term oversold condition should prevent sharp fall below previous support at 113.13, risk from there is seen for a rebound later.

In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 115.40-50 should cap upside. Only below 115.60-70 would defer and risk a stronger rebound to 116.00 but still reckon price would falter below 116.30-40, brig another decline.


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