USD/JPY – 109.36
New strategy :
Sell at 109.70, Target: 108.70, Stop: 110.05
Position :Â –
Target :Â –
Stop : –
The greenback ran into renewed selling interest at 110.35 and has dropped sharply in NY morning, current breach of 109.63 and 109.38 support signal rebound from 109.11 has ended at 110.81 earlier, hence retest of this level would be seen, break there would confirm recent decline has resumed for weakness to 109.00, then 108.75-80, however, near term oversold condition would limit downside and reckon 108.50 would hold.
In view of this, we are looking to sell dollar on recovery as 109.70-80 should limit upside. Above 110.00-05 would defer and prolog consolidation but only break of resistance at 110.35 would signal an intra-day low is formed instead, bring another bounce to 110.50, then towards said resistance at 110.81.Â
