Candlesticks Intraday

Trade Idea Update: USD/JPY - Sell at 113.50

Typography

USD/JPY - 112.84


Original strategy  :

Sell at 113.50, Target: 112.40, Stop: 113.85

Position :  -

Target :  -

Stop : -


New strategy  :

Sell at 113.50, Target: 112.40, Stop: 113.85

Position :  -

Target :  -

Stop : -


As the greenback has remained under pressure after meeting renewed selling interest at 113.54, suggesting recent decline from 115.51 is still in progress and may extend further weakness to 112.35-40 (50% projection of 115.20-112.90 measuring from 113.54), then 112.10-15 (61.8% projection), however, loss of downward momentum should prevent sharp fall below previous support at 111.69, risk from there has increased for a rebound to take place later.

In view of this, would not chase this fall here and would be prudent to sell dollar on subsequent recovery as said resistance at 113.54 should limit upside, bring another decline later. Only above  the upper Kumo (now at 113.90) would abort and signal low is formed instead, bring rebound to 114.20-25 later.

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Author: Action Forex
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