HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/JPY - Sell at 109.40

Trade Idea Wrap-up: USD/JPY – Sell at 109.40

USD/JPY – 108.90

Most recent candlesticks pattern   : N/A

Trend                      : Sideways

Tenkan-Sen level              : 109.21

Kijun-Sen level                  : 109.35

Ichimoku cloud top             : 110.03

Ichimoku cloud bottom      : 109.77

Original strategy  :

Sell at 109.80, Target: 108.80, Stop: 110.15

Position :  –

Target :  –

Stop : –

New strategy  :

Sell at 109.40, Target: 108.40, Stop: 109.75

Position :  –

Target :  –

Stop : –

As dollar’s decline has gathered momentum, suggesting the fall from 110.67 is still in progress and may extend weakness to 108.60, however, break of previous support at 108.27 is needed to retain bearishness and extend the fall from 114.50 to previous chart support at 108.13, having said that, the greenback needs to penetrate this chart support to confirm early selloff from 118.66 has resumed for subsequent weakness to 107.70-75 which is likely to hold from here. 

In view of this, we are looking to sell dollar on recovery as 109.40-50 should limit upside and bring another decline later. Above 109.80-83 would abort and signal an intra-day low is formed instead, bring a stronger rebound to 110.00-05 but price should falter well below resistance at 110.49.

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