USD/JPY – 111.47
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 111.72
Kijun-Sen level : 111.70
Ichimoku cloud top : 111.20
Ichimoku cloud bottom : 110.86
Original strategy :
Buy at 111.30, Target: 112.30, Stop: 110.95
Position : –
Target : –
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the greenback has retreated after intra-day initial rise too 112.20, suggesting top has possibly been formed there and downside risk is seen for weakness to 111.10-15 (50% Fibonacci retracement of 110.11-112.20), however, break of 110.91 (61.8% Fibonacci retracement) is needed to add credence to this view, bring further fall to support at 110.72 first.
On the upside, expect recovery to be limited to 112.00 and said resistance at 112.20 should hold from here, bring another retreat. Only break of resistance at 112.20-26 would revive bullishness and extend the rise from 110.11 to 112.50-55 but price should falter below previous resistance at 112.87-90, bring retreat later. As near term outlook has turned mixed, would be prudent to stand aside for now.
