USD/JPY – 113.31
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 113.56
Kijun-Sen level : 113.61
Ichimoku cloud top : 114.01
Ichimoku cloud bottom : 114.00
Original strategy :
Buy at 113.15, Target: 114.25, Stop: 112.80
Position : –
Target : –
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Current selloff in NY morning on dollar’s broad-based weakness suggests a temporary top has been formed at 114.37 yesterday and consolidation below this level is seen with mild downside bias for test of previous resistance at 112.99-05 (now support), break there would add credence to this view, bring retracement of recent upmove to 112.70-75, however, reckon support at 112.39 would limit downside and price should stay above support at 112.09, bring rebound next week.
In view of this, would be prudent to stand aside in the meantime. Above the Kijun-Sen (now at 113.61) would bring recovery to 114.00, however, price should falter below said resistance at 114.37, bring another retreat later. Only break of 114.37 would revive bullishness and extend recent upmove to 114.50-55 (100% projection of 108.13-111.78 measuring from 110.87) and possibly 114.75-80 but price should falter below 115.00.
