HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/JPY - Sell at 112.40 or buy at 111.50

Trade Idea Wrap-up: USD/JPY – Sell at 112.40 or buy at 111.50

USD/JPY – 111.88

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 111.88

Kijun-Sen level                  : 111.52

Ichimoku cloud top             : 111.27

Ichimoku cloud bottom      : 111.14

Original strategy  :

Sell at 112.40, Target: 111.00, Stop: 112.75

O.C.O.

Buy at 111.50, Target: 112.50, Stop: 111.15

Position :  –

Target :  –

Stop : –

New strategy  :

Sell at 112.40, Target: 111.00, Stop: 112.75

O.C.O.

Buy at 111.50, Target: 112.50, Stop: 111.15

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, whilst we are still looking to sell dollar on further recovery, we would turn long on dips as the Kijun-Sen (now at 111.50) should limit downside and bring another rebound. Above 112.70-75 would abort and signal recent decline has ended, bring further gain to 113.00.

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