USD/JPY – 111.37
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 111.05
Kijun-Sen level : 111.55
Ichimoku cloud top : 113.11
Ichimoku cloud bottom : 112.90
Original strategy :
Sell at 112.50, Target: 111.30, Stop: 112.85
Position : –
Target : –
Stop : –
New strategy :
Sell at 112.05, Target: 110.85, Stop: 112.40
Position : –
Target : –
Stop : –
As the greenback has finally recovered after falling to 110.53 (just held above 61.8% Fibonacci retracement of 108.13-114.37 at 110.51), suggesting consolidation above this level would be seen and test of the Kijun-Sen (now at 111.55) is likely, however, reckon upside would be limited to previous support at 112.09 and bring another decline, break of said support at 110.51-53 would extend selloff from 114.37 top to 110.25-30 but reckon 110.00 would hold from here.
In view of this, would not chase this fall here and would be prudent to sell dollar on subsequent recovery as 112.05-10 should limit upside and bring another decline. Above 112.25 would defer and risk a stronger rebound to 112.55-60 first.
