Candlesticks Intraday

Trade Idea Update: USD/JPY - Stand aside

Typography

USD/JPY - 113.83


New strategy  :

Stand aside

Position :  -

Target :  -

Stop : -


Although the greenback has risen again and broke above resistance at 113.69 and initial upside risk remains for recent upmove to extend gain to 114.00, loss of momentum should prevent sharp move beyond 114.25-30 and reckon 114.50-55 would hold from here, risk from there has increased for a retreat to take place later.

In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below the Kijun-Sen (now at 113.49) would bring pullback to 113.10-15 but only break of support at 112.74-88 would signal top is formed, bring correction of recent rise to 112.60, then 112.40.

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Author: Action Forex
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