USD/JPY – 111.84
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 111.88
Kijun-Sen level : 111.47
Ichimoku cloud top : 111.28
Ichimoku cloud bottom : 111.16
Original strategy :
Sell at 112.05, Target: 110.85, Stop: 112.40
Position : –
Target : –
Stop : –
New strategy :
Sell at 112.40, Target: 111.00, Stop: 112.75
Position : –
Target : –
Stop : –
The greenback has rebounded after holding above support at 110.86, suggesting near term upside risk remains for the corrective rise from 110.24 low to extend gain to 112.05 (50% Fibonacci retracement of 113.85-110.24), then 112.36 (100% projection of 110.4-11174 measuring from 110.86) but upside should be limited to 112.45-50 (61.8% Fibonacci retracement) and bring another decline later, below 111.30-35 would bring test of said support at 110.86 but break there is needed to signal the rebound from 110.24 has ended, bring further fall to 110.50 first.
In view of this, would be prudent to sell dollar on further subsequent recovery as 112.45-50 should limit upside and bring another decline. Above 112.70-75 would abort and signal recent decline has ended, bring further gain to 113.00.
