HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/JPY - Sell at 109.55

Trade Idea Wrap-up: USD/JPY – Sell at 109.55

USD/JPY – 108.88

Most recent candlesticks pattern   : N/A

Trend                      : Sideways

Tenkan-Sen level              : 108.82

Kijun-Sen level                  : 108.86

Ichimoku cloud top             : 109.81

Ichimoku cloud bottom      : 109.41

Original strategy  :

Sell at 109.40, Target: 108.40, Stop: 109.75

Position :  –

Target :  –

Stop : –

New strategy  :

Sell at 109.55, Target: 108.55, Stop: 109.90

Position :  –

Target :  –

Stop : –

As dollar has recovered after falling to 108.45, suggesting consolidation above this level would be seen and corrective bounce to 109.40 cannot be ruled out, however, reckon upside would be limited to 109.55-60 and bring another decline, below said support would extend weakness towards last week’s low at 108.27 but break there is needed to retain bearishness and extend the fall from 114.50 to another previous chart support at 108.13, having said that, the greenback needs to penetrate this chart support to confirm early selloff from 118.66 has resumed for subsequent weakness to 107.70-75 which is likely to hold from here. 

In view of this, we are looking to sell dollar on further recovery as 109.55-60 should limit upside and bring another decline later. Above 109.80-83 would abort and signal low is formed instead, bring a stronger rebound to 110.00-05 but price should falter well below resistance at 110.49.

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