USD/JPY – 107.68
Original strategy :
Sell at 108.45, Target: 107.45, Stop: 108.90
Position : –
Target : –
Stop : –
New strategy :
Sell at 108.45, Target: 107.45, Stop: 108.90
Position : –
Target : –
Stop : –
The greenback only recovered to 108.71 before dropping again as suggested (missed our short entry at 108.75) and price exceeded our indicated downside target at 107.75, bearishness remains for recent decline to extend further weakness to 107.20-25, however, near term oversold condition should limit downside and reckon 106.80-82 (61.8% projection of 114.50-108.27 measuring from 110.67) would hold from here, bring rebound later.
In view of this, we are still looking to sell dollar on recovery as 108.45-50 should limit upside. Above said resistance at 108.71 would defer and risk rebound to 109.00, break there would suggest low is possibly formed but only break of indicated resistance at 109.40 would confirm and signal recent decline has ended instead.
