HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/JPY - Sell at 114.55

Trade Idea : USD/JPY – Sell at 114.55

USD/JPY – 113.73

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 113.82

Kijun-Sen level                  : 113.88

Ichimoku cloud top             : 114.16

Ichimoku cloud bottom      : 113.89

Original strategy  :

Sell at 114.55, Target: 113.55, Stop: 114.85

Position :  –

Target :  –

Stop : –

New strategy  :

Sell at 114.55, Target: 113.55, Stop: 114.85

Position :  –

Target :  –

Stop : –

Although the greenback has retreated after meeting resistance at 114.15 yesterday and test of support at 113.56 cannot be ruled out, break there is needed to add credence to our view that top has been formed at 114.75, bring retracement of recent rise to 113.20-25 (50% Fibonacci retracement of 111.69-114.75), however, downside would be limited to 113.00 and 112.84-86 (previous resistance and 61.8% Fibonacci retracement), bring rebound later. If said support continues to hold, then further consolidation would take place and another bounce to 114.15 cannot be ruled out but upside should be limited to 114.50-55 and bring another decline.

In view of this, would not chase this fall here and we are looking to sell dollar on recovery for such move as 114.50-55 should limit upside, bring another decline. Only above said resistance at 114.75 would abort and signal the rise from 111.69 has resumed and extend gain to 114.96 (previous resistance) but price should falter well below resistance at 115.38.

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