USD/JPY – 111.23
Original strategy :
Sell at 112.05, Target: 110.85, Stop: 112.40
Position :Â –
Target :Â –
Stop : –
New strategy :
Sell at 112.05, Target: 110.85, Stop: 112.40
Position :Â –
Target :Â –
Stop : –
As the greenback found support at 110.24 last week and rebounded, retaining our view that further consolidation above this level would be seen and corrective bounce to 112.00-05 (50% Fibonacci retracement of 113.85-110.24) cannot be ruled out, however, reckon upside would be limited and bring another decline later, below 110.70-75 would suggest the rebound from 110.24 has ended, bring retest of this level first.
In view of this, would be prudent to sell dollar on further subsequent recovery as 112.05-10 should limit upside and bring another decline. Above 112.35-40 would defer and signal low is formed instead, risk a stronger rebound to 112.65-70.
