USD/JPY – 109.17
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 109.35
Kijun-Sen level : 109.76
Ichimoku cloud top : 110.31
Ichimoku cloud bottom : 110.13
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback has fallen again after meeting renewed selling interest at 110.37 and near term downside risk remains for weakness towards previous support at 108.73, as broad outlook remains consolidative, reckon downside would be limited and bring rebound later due to near term oversold condition. A firm break below said support at 108.73 would signal recent decline has finally resumed and extend weakness to 108.50 first.
In view of this, would not chase this fall here and would be prudent to stand aside for now. Above 109.50-55 would bring recovery to the Kijun-Sen (now at 109.76) but upside should be limited to the lower Kumo (now at 110.13) and said resistance at 110.37 should hold from here, bring another decline.
