HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/JPY - Sell at 112.05

Trade Idea : USD/JPY – Sell at 112.05

USD/JPY – 111.37

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 111.05

Kijun-Sen level                  : 111.55

Ichimoku cloud top             : 113.11

Ichimoku cloud bottom      : 112.90

Original strategy  :

Sell at 112.50, Target: 111.30, Stop: 112.85

Position :  –

Target :  –

Stop : –

New strategy  :

Sell at 112.05, Target: 110.85, Stop: 112.40

Position :  –

Target :  –

Stop : –

As the greenback has finally recovered after falling to 110.53 (just held above 61.8% Fibonacci retracement of 108.13-114.37 at 110.51), suggesting consolidation above this level would be seen and test of the Kijun-Sen (now at 111.55) is likely, however, reckon upside would be limited to previous support at 112.09 and bring another decline, break of said support at 110.51-53 would extend selloff from 114.37 top to 110.25-30 but reckon 110.00 would hold from here.

In view of this, would not chase this fall here and would be prudent to sell dollar on subsequent recovery as 112.05-10 should limit upside and bring another decline. Above 112.25 would defer and risk a stronger rebound to 112.55-60 first.

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