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Trade Idea Wrap-up: USD/JPY - Stand aside Print E-mail
Candlesticks and Ichimoku Intraday | Written by Action Forex | Jan 11 17 16:00 GMT
USD/JPY - 116.69


Most recent candlesticks pattern   : N/A

Trend                      : Sideways


Tenkan-Sen level              : 116.34

Kijun-Sen level                  : 116.07

Ichimoku cloud top             : 116.37

Ichimoku cloud bottom      : 115.93


New strategy  :

Stand aside

Position :  -

Target :  -

Stop : -


As the greenback has risen again in NY morning, adding credence to our view further 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 116.90-00 cannot be ruled out, reckon upside would be limited to 117.20-25 and price should falter well below indicated upper range at 117.53, bring further consolidation later.

On the downside, below 116.00-05 would bring weakness to 115.70-75, however, only break of support at 115.20 would bring retest of said lower range of 115.07 (last week's low), below there 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
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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