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Trade Idea Update: USD/JPY - Buy at 98.55 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Sep 19 13 13:16 GMT
USD/JPY - 99.26

 

Original strategy  :

Buy at 98.30, Target; 99.30, Stop: 97.95

O.C.O.

Sell at 99.35, Target: 98.35, Stop: 99.70

Position: - Short at 99.05
Target:  - 98.00
Stop:-

New strategy  :    

Buy at 98.55, Target; 99.55, Stop: 98.20

Position: -
Target:  -
Stop:-

Despite yesterday's anticipated resumption of decline from 100.62, as the greenback found good support at 97.86 and has staged a strong rebound on active cross-selling in yen, suggesting low is formed there and consolidation with upside bias is seen for retracement of the aforesaid decline to 99.55-60 61.8% Fibonacci retracement of 100.62-97.86) but reckon resistance at 99.99 would remain intact and bring another decline later.

In view of this, we are looking to turn long on dips as the Kijun-Sen (now at 98.53) would limit downside. Below 98.20-25 would signal an intra-day top is in place, bring weakness to 98.00, break there would signal decline from 100.62 has resumed and bring retest of 97.86, then towards 97.50-55.

 

About the Author

Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF

Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 GMT

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