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Trade Idea Update: USD/JPY - Stand aside Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 11 17 13:15 GMT
USD/JPY - 116.25

New strategy  :

Stand aside

Position :  -

Target :  -

Stop : -

As the greenback recovered after holding above yesterday’s low at 115.20, retaining our view that gyration above last week’s low at 115.07 would be seen and choppy trading within near term established 115.07-117.53 range would continue, whilst initial recovery to 116.50, then 116.70-75 cannot be ruled out, reckon upside would be limited to 117.00-10 and price should falter well below indicated upper range at 117.53, bring further consolidation later.

On the downside, below 115.60-65 would bring weakness to 115.20-25, however, only break of said support at 115.07 (last week's low) would signal the erratic decline from 118.66 top is underway for further weakness to 114.70-75 and later towards 114.45-50. As near term outlook is mixed, would be prudent to stand aside in the meantime.



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Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530

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