USD/JPY – 110.05
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 109.90
Kijun-Sen level : 110.31
Ichimoku cloud top : 110.59
Ichimoku cloud bottom : 110.10
Original strategy :
Bought at 110.00, Target: 111.00, Stop: 109.65
Position : – Long at 110.00
Target : – 111.00
Stop : – 109.65
New strategy :
Exit long entered at 110.00
Position : – Long at 110.00
Target : –
Stop : –
Despite yesterday’s marginal rise to 110.95, the subsequent selloff on dollar’s broad-based weakness, dampening our bullishness and suggesting the rebound from 108.73 has ended at 110.95, hence downside risk is seen for weakness to 109.60, then test of support at 109.42, however, as broad outlook remains consolidative, reckon downside would be limited to 109.00-05 and said support at 108.73 should remain intact.
In view of this, would be prudent to exit long entered at 110.00 and stand aside for now. Above the Kijun-Sen (now at 110.31) would bring recovery to the upper Kumo (now at 110.60), however, price should falter below said resistance at 110.95, bring another retreat later.
