USD/JPY – 111.02
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 110.91
Kijun-Sen level : 110.79
Ichimoku cloud top : 111.07
Ichimoku cloud bottom : 110.97
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite falling to 110.48 yesterday, the subsequent rebound suggests consolidation above this level would be seen and test of resistance at 111.23-24 cannot be ruled out, however, break there is needed to signal low is formed, bring a stronger rebound to 111.47-50 (another previous resistance and 61.8% Fibonacci retracement of 112.13-110.48) but reckon upside would be limited and price should falter below resistance at 111.95.
On the downside, below 110.65-70 would bring retest of yesterday’s low at 110.48, break there would extend recent decline to another previous support at 110.24, break there would bring subsequent selloff to 110.00 which is likely to hold on first testing. As near term outlook is mixed, would be prudent to stand aside in the meantime.
