HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/JPY - Stand aside

Trade Idea : USD/JPY – Stand aside

USD/JPY – 110.96

Most recent candlesticks pattern   : N/A

Trend                      : Down

Tenkan-Sen level              : 111.19

Kijun-Sen level                  : 111.08

Ichimoku cloud top             : 110.96

Ichimoku cloud bottom      : 110.72

Original strategy  :

Exit short entered at 111.20,

Position :  – Short at 111.20

Target :  –

Stop : –

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

Although the greenback has retreated after intra-day initial brief rise to 111.43, below 110.72 (previous support as well as current level of the lower Kumo) is needed to suggest an intra-day top is formed, bring further fall to 110.45-50, then towards this week’s low at 110.11, otherwise, further choppy trading is in store. Below 110.11 would revive bearishness and extend recent decline to 109.95-00, then towards 109.70-75.

On the upside, above 111.48-51 (previous resistance and 50% Fibonacci retracement of 112.90-110.11) would signal low has been formed at 110.11, bring retracement of recent decline to 111.80-85 (61.8% Fibonacci retracement) but price should falter below previous support at 112.26, bring retreat later. As near term outlook is mixed, would be prudent to stand aside for now.

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