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Trade Idea Update: USD/JPY – Stand aside

USD/JPY – 111.47

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

As the greenback has risen again after finding support around the upper Kumo, suggesting the erratic rise from 110.11 low is still in progress and near term upside risk remains for this move to bring retracement of recent decline, hence gain to 111.80-85 (61.8% Fibonacci retracement of 112.90-110.11) cannot be ruled out, however, reckon upside would be limited to 112.00 and price should falter below previous support at 112.26, bring retreat later.

In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below 110.90-95 would suggest an intra-day top is formed and bring further fall to 110.45-50, then towards this week’s low at 110.11, however, only break there would revive bearishness and extend recent decline to 109.95-00, then towards 109.70-75.

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