Thu, Feb 09, 2023 @ 12:17 GMT
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Trade Idea : USD/JPY – Stand aside

USD/JPY – 112.66

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 112.71

Kijun-Sen level                  : 112.43

Ichimoku cloud top             : 112.76

Ichimoku cloud bottom      : 112.36

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

As the greenback has staged a strong rebound after holding above indicated previous support at 111.99, suggesting consolidation above last week’s low at 112.03 would be seen and gain to resistance at 112.88 cannot be ruled out, however, reckon upside would be limited to 113.12 (previous support) and bring another decline later.

On the downside, expect pullback to be limited to the Kijun-Sen (now at 112.43) and 112.20-25 should hold, bring another rebound later. A drop below 112.20-25 would bring another test of said support at 111.99-03 but 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. As near term outlook is still mixed, would be prudent to stand aside for now.

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