HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/JPY - Hold short entered at 111.20

Trade Idea : USD/JPY – Hold short entered at 111.20

USD/JPY – 111.10

Most recent candlesticks pattern   : N/A

Trend                      : Down

Tenkan-Sen level              : 111.18

Kijun-Sen level                  : 110.75

Ichimoku cloud top             : 110.80

Ichimoku cloud bottom      : 110.57

Original strategy  :

Sold at 111.20, Target: 110.20, Stop: 111.55

Position :  – Short at 111.20

Target :  – 110.20

Stop : – 111.55

New strategy  :

Hold short entered at 111.20, Target: 110.20, Stop: 111.35

Position :  – Short at 111.20

Target :  – 110.20

Stop : – 111.35

Although dollar staged a strong rebound after holding above support at 110.11, as this move is still viewed as retracement of recent decline, reckon upside would be limited to 111.30-35 and bring retreat later, below the Kijun-Sen (now at 110.75) would bring weakness to 110.50 but only break of said support at 110.11 would confirm recent decline has resumed and extend weakness to 109.95-00 but loss of downward momentum should prevent sharp fall below 109.70-75 and reckon 109.50 would hold.

In view of this, we are holding on to our short position entered at 111.20, Only above 111.48-51 (previous resistance and 50% Fibonacci retracement of 112.90-110.11) would abort and signal low is formed, bring a stronger rebound to 111.80-85 first (61.8% Fibonacci retracement).

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