USD/JPY – 110.33
Original strategy :
Bought at 110.30, Target: 111.30, Stop: 109.95
Position : – Long at 110.30
Target : – 111.30
Stop : – 109.95
New strategy :
Hold long entered at 110.30, Target: 111.30, Stop: 109.95
Position : – Long at 110.30
Target : – 111.30
Stop : – 109.95
As the greenback has retreated again today, suggesting near term downside risk remains for marginal weakness from here, however, if our view that a temporary low formed at 109.85 last week is correct, downside should be limited and 110.00 should hold, bring another rebound later, above 110.90-95 would extend the rebound from 109.85 for retracement of recent decline towards 111.29-30 (previous resistance and 61.8% Fibonacci retracement of 112.20-109.85), having said that, break there is needed to add credence to this view, bring a stronger rebound to 111.50 but price should falter below another previous resistance at 111.71.
In view of this, we are holding on to our long position entered at 110.30. Below 110.00 would signal the rebound from 109.85 has ended, bring retest of this level, below there would extend recent decline to 109.70 and later towards 109.50.
