USD/JPY – 110.35

Original strategy  :

Sell at 111.00, Target: 110.00, Stop: 111.35

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Position :  –

Target :  –

Stop : –

New strategy  :

Sell at 111.00, Target: 110.00, Stop: 111.35

Position :  –

Target :  –

Stop : –

The greenback opened lower earlier today and has dropped again, adding credence to our bearish view that recent selloff is still in progress and may extend weakness to 110.00, however, loss of downward momentum should prevent sharp fall below 109.70-75 and reckon 109.50 would hold from here, risk from there has increased for a rebound to take place later.

In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 111.00 should limit upside. Above 111.30-35 would risk test of resistance at 111.48 but break there is needed to signal low is formed instead, bring retracement of recent decline to 111.75-80 first.

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