USD/JPY – 108.51
Original strategy :
Sell at 109.15, Target: 108.15, Stop: 109.50
Position : –
Target : –
Stop : –
New strategy :
Sell at 109.15, Target: 108.15, Stop: 109.50
Position : –
Target : –
Stop : –
Dollar’s initial selloff below previous support at 108.60 signals recent decline from 114.50 is still in progress and further weakness to previous chart support at 108.13 (this year’s low) would be seen, break there would confirm early decline from 118.66 top has resumed and bring subsequent fall to 108.05-06 (50% projection of 114.50-108.73 measuring from 110.95) but reckon near term oversold condition would limit downside to 117.70 and 117.35-40 (61.8% projection) would hold from here, bring rebound later.
In view of this, would not chase this fall here and would be prudent to sell dollar on subsequent rebound as resistance at 109.41 (yesterday’s high) would cap upside and bring another decline. Only break of resistance at 109.85 would abort and signal a temporary low is formed instead.
