Thu, Feb 09, 2023 @ 11:36 GMT
HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/JPY - Exit long entered at 112.60

Trade Idea : USD/JPY – Exit long entered at 112.60

USD/JPY – 112.75

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 112.68

Kijun-Sen level                  : 112.96

Ichimoku cloud top             : 113.44

Ichimoku cloud bottom      : 113.39

Original strategy  :

Bought at 112.60, Target: 113.70, Stop: 112.25

Position :  – Long at 112.60

Target :  – 113.70

Stop : – 112.25

New strategy  :

Exit long entered at 112.60,

Position :  – Long at 112.60

Target :  –

Stop : –

Although the greenback recovered after finding support at 112.46, yesterday’s selloff suggests top has been formed at 113.75, hence upside would be limited to the Kijun-Sen (now at 112.96) and downside risk remains for the retreat from 113.75 to extend weakness to 112.30-35, however, near term oversold condition should limit downside and support at 111.99 should remain intact.

In view of this, would be prudent to exit long entered at 112.60 and stand aside in the meantime. Above previous support at 113.12 (now resistance) would suggest low is possibly formed, bring a stronger rebound to 113.40-45 but price should falter below resistance at 113.75 and bring another decline later. 

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