USD/JPY – 109.99
Original strategy :
Bought at 109.55, Target: 110.80, Stop: 109.20
Position : – Long at 109.55
Target : – 110.80
Stop : – 109.20
New strategy :
Exit long entered at 109.55,
Position : – Long at 109.55
Target : –
Stop : –
Although the greenback slipped in US morning on US NFP data, below 109.41-47 (previous resistance and 50% Fibonacci retracement of 108.27-110.67) is needed to signal top has indeed been formed at 110.67 yesterday, bring further fall to 109.15-20 (61.8% Fibonacci retracement) and possibly towards 108.95-00, however, reckon 108.55-60 would remain intact.
In view of this, would be prudent to exit long entered at 109.55 and stand aside for now. Above 110.20-25 would revive bullishness and signal an intra-day low is formed, bring further gain to 110.40, then retest of 110.67.
