USD/JPY – 110.62
Original strategy :
Sell at 111.00, Target: 110.00, Stop: 111.35
Position : –
Target : –
Stop : –
New strategy :
Sell at 111.00, Target: 110.00, Stop: 111.35
Position : –
Target : –
Stop : –
As the greenback has recovered after marginal fall to 110.31, suggesting consolidation above this level would be seen and corrective bounce to 110.80 cannot be ruled out, however, reckon the Kijun-Sen (now at 110.99) would limit upside and bring another decline later, below said support at 110.31 would extend recent decline to previous support at 110.24 but break there is needed to 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 sell dollar on recovery as 111.00 should limit upside. Only above the upper Kumo (now at 111.41) would abort and signal low is formed, bring another bounce towards Friday’s high of 111.71.
