HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/JPY - Stand aside

Trade Idea : USD/JPY – Stand aside

USD/JPY – 114.96

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 114.87

Kijun-Sen level                  : 114.73

Ichimoku cloud top             : 114.94

Ichimoku cloud bottom      : 114.94

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

Although the greenback recovered after falling to 114.48 yesterday and minor consolidation is in store, reckon upside would be limited to 115.15-20 and near term downside risk remains for the fall from 115.51 top (last week’s high) to bring at least a retracement of recent upmove to 114.26 support but downside should be limited to 114.00-05 (38.2% Fibonacci retracement of 111.69-115.51) and price should stay well above strong support at 113.56-61), bring rebound later.

In view of this, would be prudent to stand aside for now. Above 115.15-20 would suggest an intra-day low is formed, bring a stronger rebound but still reckon said resistance at 115.51 would cap upside. Only break there would revive bullishness and extend recent upmove to previous resistance at 115.62, then towards 115.90-00. 

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