USD/JPY – 112.13
Original strategy :
Sell at 112.80, Target: 111.80, Stop: 113.15
O.C.O.
Buy at 111.80, Target: 112.80, Stop: 111.45
Position :Â –
Target :Â –
Stop : –
New strategy :
Sell at 112.80, Target: 111.80, Stop: 113.15
O.C.O.
Buy at 111.80, Target: 112.80, Stop: 111.45
Position :Â –
Target :Â –
Stop : –
As the greenback has rebounded after marginal fall to 111.55 yesterday, suggesting a daily of consolidation above this level would be seen with mild upside bias for retracement to 112.50, then towards previous resistance at 112.87 where renewed selling interest should emerge and bring another decline later. Below said support at 111.55 would signal the decline from 114.50 top is still in progress and extend further weakness to 111.20-25, however, reckon 111.00 would hold from here.
In view of this, whilst we are still looking to sell dollar on subsequent recovery, we would also turn long on dips for such a rebound. A firm break above resistance at 112.87 would defer and risk a stronger rebound to 113.10-20 but price should falter below resistance at 113.58, bring another selloff later.
