USD/JPY – 110.69
New strategy :
Buy at 110.40, Target: 111.40, Stop: 110.05
Position :Â –
Target :Â –
Stop : –
As the greenback has staged a strong rebound in NY morning, suggesting a temporary low has been formed at 109.85 and upside bias is seen for test of resistance at 110.98, however, break there is needed to add credence to this view, bring retracement of recent decline top 111.29-30 (previous resistance and 61.8% Fibonacci retracement of 112.2-109.85) but price should falter below another previous resistance at 111.71, bring retreat later.
In view of this, we are looking to buy dollar on dips as 110.35-40 should limit downside and bring another rise later. Below 110.15-20 would defer but only break of 110.00 would signal the rebound from 109.85 has ended, bring retest of this level, below there would extend recent decline to 109.70 and later towards 109.50.
