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Trade Idea Wrap-up: USD/JPY – Stand aside

USD/JPY – 111.15

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 111.18

Kijun-Sen level                  : 111.41

Ichimoku cloud top             : 111.78

Ichimoku cloud bottom      : 111.56

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

Dollar’s selloff after meeting renewed selling interest at 111.95 (yesterday’s high) suggests top has been formed at 112.13 and bearishness remains for test of 110.86 support, however, a sustained breach below this level is needed to signal the rebound from 110.24 has ended at 112.13, bring further fall to 110.50-55, then retest of 110.24 probably next week.

In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above the Kijun-Sen (now at 111.41) would bring test of previous support at 111.48 but reckon upside would be limited to 111.75-80 and said resistance at 111.95 should remain intact.

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