USD/JPY – 111.39

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

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Tenkan-Sen level              : 111.38

Kijun-Sen level                  : 111.35

Ichimoku cloud top             : 111.49

Ichimoku cloud bottom      : 111.18

Original strategy  :

Sell at 112.05, Target: 110.85, Stop: 112.40

Position :  –

Target :  –

Stop : –

New strategy  :

Sell at 112.05, Target: 110.85, Stop: 112.40

Position :  –

Target :  –

Stop : –

As the greenback found support at 110.24 last week and rebounded, retaining our view that further consolidation above this level would be seen and corrective bounce to 112.00-05 (50% Fibonacci retracement of 113.85-110.24) cannot be ruled out, however, reckon upside would be limited and bring another decline later, below 110.70-75 would suggest the rebound from 110.24 has ended, bring retest of this level first.

In view of this, would be prudent to sell dollar on further subsequent recovery as 112.05-10 should limit upside and bring another decline. Above 112.35-40 would defer and signal low is formed instead, risk a stronger rebound to 112.65-70.

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