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

USD/JPY – 111.45

Most recent candlesticks pattern   : N/A

Trend                      : Up

Tenkan-Sen level              : 111.33

Kijun-Sen level                  : 111.10

Ichimoku cloud top             : 110.64

Ichimoku cloud bottom      : 110.45

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

Although the greenback has edged higher again after last week’s rally and bullishness remains or recent reversal from 107.32 low to extend gain to 111.55-60, however, reckon upside would be limited to 111.85-90 (61.8% projection of 107.32-111.04 measuring from 109.55) and price should falter below 112.00-10, risk from there has increased for a correction later.

In view of this, would not chase this move here and would be prudent to stand aside for now. Below 111.00 would bring correction to 110.60-65 but downside should be limited to 110.30-35 and price should stay above 110.00, bring rebound later.

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