Mon, Jun 05, 2023 @ 05:46 GMT
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Trade Idea : USD/JPY – Stand aside

USD/JPY – 111.47

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 111.36

Kijun-Sen level                  : 111.59

Ichimoku cloud top             : 111.76

Ichimoku cloud bottom      : 111.46

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

Dollar’s retreat after last week’s strong rebound to 112.20 suggests top has possibly been formed there and consolidation with mild downside bias is seen for weakness to 110.91-94 (61.8% Fibonacci retracement of 110.11-112.20 and previous support), however, break there is needed to add credence to this view, bring further fall to support at 110.72, once this level is penetrated, this would signal the rebound from 110.11 has ended and further decline to 110.50 would follow.

In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above 111.75-80 would bring recovery to 112.00-05 but price should falter below resistance at 112.20, bring further consolidation. Only break of 112.20 would revive bullishness and extend the rise from 110.11 low to 112.50-55 but price should falter below previous resistance at 112.87-90, bring retreat later.

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