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Trade Idea Wrap-up: USD/JPY – Stand aside

USD/JPY – 110.52

Most recent candlesticks pattern   : N/A

Trend                      : Sideways

Tenkan-Sen level              : 111.04

Kijun-Sen level                  : 111.06

Ichimoku cloud top             : 111.07

Ichimoku cloud bottom      : 110.97

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

The greenback has dropped quite sharply in US morning on back of weaker-than-expected NFP data, dampening our bullishness and suggesting the fall from 112.13 is still in progress, hence test of previous support at 110.24 would be seen, however, break there is needed to provide confirmation that early selloff from 114.37 top has resumed for weakness to 109.90-00 first.

In view of this, would not chase this fall here and would be prudent to stand aside for now. On the upside, expect recovery to be limited to 110.80-85 and price should falter below 111.40, bring another decline later. Only break of said resistance at 111.71 would revive bullishness and bring another rise to 111.95 and possibly towards resistance at 112.13.

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