USD/JPY – 111.70
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 111.88
Kijun-Sen level : 111.89
Ichimoku cloud top : 112.50
Ichimoku cloud bottom : 112.20
Original strategy :
Sell at 112.70, Target: 111.70, Stop: 113.05
Position : –
Target : –
Stop : –
New strategy :
Sell at 112.70, Target: 111.70, Stop: 113.05
Position : –
Target : –
Stop : –
As the greenback has remained under pressure after recent selloff, suggesting the decline from 114.50 top is still in progress and bearishness remains for further weakness to 111.50, then 111.20-25, however, reckon 111.00 would hold from here due to loss of downward momentum, risk from there has increased for a rebound to take place probably tomorrow.
In view of this, would not chase this fall here and would be prudent to sell dollar on subsequent recovery as 112.70-75 should limit upside. A firm break above resistance at 112.87 would defer and risk a stronger rebound to 113.10-20 but price should falter below resistance at 113.58, bring another selloff later.
