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Trade Idea Update: USD/JPY - Sell at 114.00 Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Feb 17 17 11:35 GMT
USD/JPY - 112.93

Original strategy  :

Sell at 114.50, Target: 113.50, Stop: 114.85

Position :  -

Target :  -

Stop : -


New strategy  :

Sell at 114.00, Target: 112.70, Stop: 114.35

Position :  -

Target :  -

Stop : -


As the greenback has fallen again after brief recovery, suggesting the fall from 114.96 is still in progress and the breach of previous support at 112.86 adds credence to our view that the rise from 111.59 has ended, hence bearishness remains for the fall from 114.96 to extend further weakness to 112.58 (previous resistance) but downside should be limited to 112.10-15, bring rebound later.

In view of this, we are looking to sell dollar on recovery as 114.00 should limit upside and bring another decline. Above 114.35-40 would defer and risk rebound to 114.70-75 but price should alter well below said resistance at 114.96, bring another retreat later.

 

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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