USD/JPY – 113.40
Original strategy :
Sell at 114.20, Target: 113.20, Stop: 114.55
Position : –
Target : –
Stop : –
New strategy :
Sell at 114.20, Target: 113.20, Stop: 114.55
Position : –
Target : –
Stop : –
Dollar’s retreat after Friday’s brief rise to 114.45 suggests consolidation below this level would be seen and weakness to 113.34-38 (previous support and 38.2% Fibonacci retracement of 111.65-114.45), break there would add credence to our view that top has possibly been formed, bring correction of recent rise to 113.05-15 (50% Fibonacci retracement and previous resistance), however, reckon 112.70-75 (61.8% Fibonacci retracement) would remain intact, bring another rise later.
In view of this, we are looking to sell dollar on recovery as 114.20-25 should limit upside, bring another retreat. Above indicated resistance at 114.45-50 would extend recent rise from 107.32 low for further gain to 114.75-80 (61.8% projection of 111.65-114.10 measuring from 113.24), however, overbought condition should limit upside to 115.00 and risk from there is seen for a retreat later.
