Wed, Feb 08, 2023 @ 17:01 GMT
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Trade Idea : USD/JPY – Stand aside

USD/JPY – 112.18

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 112.26

Kijun-Sen level                  : 112.47

Ichimoku cloud top             : 113.11

Ichimoku cloud bottom      : 112.80

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

As the greenback has slipped again after brief recovery and price has remained under pressure, suggesting a test of previous support at 111.99 would be seen, however, break there is needed to retain bearishness and signal the rebound from 110.84 low has ended at 113.75, then the fall from there may extend weakness to 111.65-70 but reckon previous support at 111.41 would hold from here.

In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above the Kijun-Sen (now at 112.47) would bring recovery to 112.85-90 but reckon the upper Kumo (now at 113.11) would limit upside and price should falter below 113.45-50, bring another decline later.

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