USD/JPY – 110.62

Original strategy  :

Sell at 111.30, Target: 110.30, Stop: 111.65

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Position :  –

Target :  –

Stop : –

New strategy  :

Sell at 111.30, Target: 110.30, Stop: 111.65

Position :  –

Target :  –

Stop : –

Although the the greenback fell briefly to 110.13, as dollar has rebounded after holding above support at 110.11, suggesting further consolidation above this level would be seen and corrective bounce to 111.00 cannot be ruled out, however, reckon upside would be limited and resistance at 111.46 should remain intact, bring another decline later, below said support at 110.11-13 would confirm medium term decline has resumed for further subsequent fall to 109.80-85 (1.618 times projection of 112.20-111.12 measuring from 111.59) but price should hold above 109.50-55 (100% projection of 112.20-110.27 measuring from 111.46).

In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 111.20-30 should limit upside. Only above 111.46 resistance would abort and prolong choppy trading, risk rebound to 111.59, then towards 111.90-00 later but price should falter well below said resistance at 112.20. 

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