USD/JPY – 114.68
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 114.66
Kijun-Sen level : 114.83
Ichimoku cloud top : 115.10
Ichimoku cloud bottom : 114.73
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback recovered after finding support at 114.48 and minor consolidation is in store, reckon upside would be limited to 115.00 and near term downside risk remains for the fall from 115.51 top (last week’s high) to bring at least a retracement of recent upmove to 114.26 support but downside should be limited to 114.00-05 (38.2% Fibonacci retracement of 111.69-115.51) and price should stay well above strong support at 113.56-61), bring rebound later.
In view of this, would be prudent to stand aside for now. Above 115.00 would suggest an intra-day low is formed, bring a stronger rebound to 115.25-30 but still reckon said resistance at 115.51 would cap upside. Only break there would revive bullishness and extend recent upmove to previous resistance at 115.62, then towards 115.90-00.
