HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/JPY - Target met and stand aside

Trade Idea Wrap-up: USD/JPY – Target met and stand aside

USD/JPY – 109.20

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 109.09

Kijun-Sen level                  : 109.07

Ichimoku cloud top             : 108.76

Ichimoku cloud bottom      : 108.74

Original strategy  :

Bought at 108.45, met target at 109.45

Position :  – Long at 108.45

Target :  – 109.45

Stop : –

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

As the greenback has jumped in US morning, our long position entered at 108.45 met indicated upside target at 109.45 (with 100 points profit), adding credence to our view that temporary low has been formed at 108.13, although consolidation with mild upside bias remains and above 109.45 (38.2% Fibonacci retracement of 111.58-108.13) would bring retracement of recent decline towards 109.86-87 (50% Fibonacci retracement and previous resistance), price should falter below 110.25-30 (61.8% Fibonacci retracement) and bring retreat later.

As we have taken profit on our long position entered at 108.45, would not chase this rise here and would be prudent to stand aside for now. Below 108.65-70 would suggest an intra-day top is formed, bring weakness to 108.30-32, break there would signal the rebound from 108.13 has ended, bring retest of this level first. 

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