USD/JPY – 112.19
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 112.17
Kijun-Sen level : 111.98
Ichimoku cloud top : 112.07
Ichimoku cloud bottom : 111.95
Original strategy :
Sold at 112.25, stopped at 112.25
Position : – Short at 112.25
Target : –
Stop : – 112.25
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite falling to 111.65 yesterday, as dollar found good support there and has staged a strong rebound, suggesting a temporary low is possibly formed and consolidation with mild upside bias is seen for gain to 112.33-35 (38.2% Fibonacci retracement of 113.44-111.65), however, break of 112.55-59 (50% Fibonacci retracement and previous resistance) is needed to confirm and bring further subsequent gain to 112.76 (61.8% Fibonacci retracement) but reckon resistance at 112.83 would hold from here.
On the downside, expect pullback to be limited to 111.90-95 and said support at 111.65 (yesterday’s low) should hold, bring another rebound later. A drop below 111.65 would revive bearishness for the fall from 113.44 top to extend weakness to 111.47 support and later towards another previous support at 111.11 which is expected to remain intact. As near term outlook has turned mixed, would be prudent to stand aside for now.
