USD/JPY – 110.72
Original strategy :
Bought at 111.20, stopped at 110.85
Position : – Long at 111.20
Target : –
Stop : – 110.85
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The greenback has dropped quite sharply in US morning on back of weaker-than-expected NFP data, dampening our bullishness and suggesting the rebound from 110.48 has ended at 111.71, hence test of this support cannot be ruled out, however, break there is needed to retain bearishness and extend weakness to previous support at 110.24, once this level is penetrated, this would provide confirmation that early selloff from 114.37 top has resumed for weakness to 109.90-00 first.
In view of this, would not chase this fall here and would be prudent to stand aside for now. On the upside, expect recovery to be limited to 111.00 and price should falter below 111.40-50, bring another decline later. Only break of said resistance at 111.71 would revive bullishness and bring another rise to 111.95 and possibly towards resistance at 112.13.
