HomeTrade IdeasCandlesticks IntradayTrade Idea Update: USD/JPY - Sell at 109.80

Trade Idea Update: USD/JPY – Sell at 109.80

USD/JPY – 109.20

Original strategy  :

Sell at 109.80, Target: 108.80, Stop: 110.15

Position :  –

Target :  –

Stop : –

New strategy  :

Sell at 109.80, Target: 108.80, Stop: 110.15

Position :  –

Target :  –

Stop : –

As the greenback has remained under pressure after opening lower yesterday, adding credence to our view that top has possibly been formed at 110.67 last week and consolidation with downside bias remains for weakness to 109.15-19 (61.8% Fibonacci retracement of 108.27-110.67), however, break there is needed to provide confirmation and bring further fall to 108.80-85, however, reckon 108.55-60 would limit downside and support at 108.27 remain intact.

In view of this, we are looking to sell dollar on recovery as 109.80-85 should limit upside and bring another decline later. Above 110.00-05 would defer and risk rebound to 110.30 but only break of 110.49 would signal the pullback from 110.67 has ended, bring retest of this level first.

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