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

USD/JPY – 108.79

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 108.89

Kijun-Sen level                  : 109.32

Ichimoku cloud top             : 110.31

Ichimoku cloud bottom      : 110.19

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

Although the greenback has fallen again after meeting renewed selling interest at 110.37 and near term downside risk remains for recent decline to extend weakness towards 108.50, near term oversold condition should prevent sharp fall below 108.20-25 and reckon 108.00 would hold from here, bring rebound later.

In view of this, would not chase this fall here and would be prudent to stand aside for now. Above the Kijun-Sen (now at 109.32) would bring recovery towards previous support at 109.67 (now resistance), however, break there is needed to signal low is possibly formed, bring rebound towards 110.00.

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