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Trade Idea Wrap-up: USD/JPY – Stand aside Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Mar 06 13 15:51 GMT

USD/JPY – 93.61

Most recent candlesticks pattern   : N/A

Trend                              : Sideways

Tenkan-Sen level                 : 93.46
Kijun-Sen level                   : 93.34
Ichimoku cloud top                : 93.18
Ichimoku cloud bottom            : 93.18

Original strategy  : 

Buy at 92.50, Target: 93.75, Stop: 92.15

Position: -
Target:  -
Stop:-

New strategy  : 

Stand aside

Position: -
Target:  -
Stop:-

Although current rebound signals the pullback from 92.73 (Monday’s high) has ended and retest of this level and possibnly 94.00 cannot be ruled out, as broad outlook is still consolidative, reckon upside would be limited to 94.25-30 and price should falter well below recent high of 94.77, risk from there is seen for another retreat to take place later this week.

In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below support at 92.92 would bring retreat to 92.50-60 before prospect of another rise, only below 92.15-20 would signal top has been formed instead and risk weakness to 91.70.

 

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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