USD/JPY – 111.10
Original strategy :
Bought at 111.50, stopped at 111.15
Position : – Long at 111.50
Target : –
Stop : – 111.15
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Dollar’s selloff after meeting renewed selling interest at 111.95 (yesterday’s high) suggests top has been formed at 112.13 and bearishness remains for test of 110.86 support, however, a sustained breach below this level is needed to signal the rebound from 110.24 has ended at 112.13, bring further fall to 110.50-55, then retest of 110.24 probably next week.
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 111.25) would bring test of the Kijun-Sen (now at 111.41) but reckon upside would be limited to 111.75-80 and said resistance at 111.95 should remain intact.
