USD/JPY – 111.92
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 112.42
Kijun-Sen level : 112.42
Ichimoku cloud top : 112.14
Ichimoku cloud bottom : 111.92
Original strategy :
Bought at 112.40, stopped at 111.55
Position : – Long at 112.40
Target : –
Stop : – 112.05
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As dollar’s retreat 112.93 turned out to be stronger than expected, suggesting consolidation below this level would be seen and downside risk remains for test of support at 111.83, however, break there is needed to signal top is formed there, bring retracement of recent upmove towards support at 111.46, however, downside should be limited and price should stay well above support at 110.95.
In view of this, we are standing aside in the meantime. Above 111.20 would bring recovery to 112.60, however, price should falter below resistance at 112.93 and bring another retreat later.
