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Trade Idea Update: USD/JPY – Stand aside

USD/JPY – 111.25

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

Although the greenback has remained under pressure after yesterday’s selloff and near term downside risk remains for recent decline from 115.51 to extend further weakness to 111.00, loss of near term downward momentum should prevent sharp fall below 110.85 (61.8% projection of 115.51-112.26 measuring from 112.87) and reckon 110.50 would hold from here, risk from there is seen for a rebound to take place later. 

In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above 111.70-75 would bring test of the Kijun-Sen (now at 111.96) but a break of previous support at 112.26 is needed to signal low is formed instead.

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