USD/JPY – 108.80
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 108.98
Kijun-Sen level : 109.12
Ichimoku cloud top : 109.78
Ichimoku cloud bottom : 109.23
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As dollar has slipped again after meeting resistance at 109.60, suggesting retest of last week’s low at 108.60 would be seen, break there would recent decline is still in progress and may extend further weakness to 108.30 (1.618 times projection of 110.95-109.67 measuring from 110.37), then towards 108.10-15 (61.8% projection of 110.95-108.60 measuring from 109.60), however, near term oversold condition should prevent sharp fall below latter level and reckon 108.00 would hold from here, bring rebound later.
In view of this, would not chase this fall here and would prudent to stand aside for now, then look to sell dollar on subsequent rebound, above 109.25-30 would bring another bounce to 109.60-67 resistance, however, break there is needed to signal low is formed, bring further gain to 110.00 and possibly towards 110.37 resistance.
