USD/JPY – 112.22
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the decline from 114.37 has accelerated on dollar’s broad-based weakness, dampening our near term bullishness and downside risk remains for the selloff from 114.37 top to extend weakness to previous support at 112.09, break there would bring subsequent decline to 111.75-80 but near term oversold condition should limit downside to another previous support at 111.43, bring rebound later.
In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above the Tenkan-Sen (now at 112.71) would bring recovery to the Kijun-Sen (now at 113.03) but previous support at 113.12 should limit upside and price should falter well below 113.40-50, bring another decline later.
