USD/JPY – 108.45
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 108.40
Kijun-Sen level : 107.97
Ichimoku cloud top : 108.51
Ichimoku cloud bottom : 108.21
Original strategy :
Sell at 108.65, Target: 107.65, Stop: 109.00
Position : –
Target : –
Stop : –
New strategy :
Sell at 108.90, Target: 107.70, Stop: 109.25
Position : –
Target : –
Stop : –
As the greenback opened higher today and has edged higher, suggesting near term upside risk remains for the rebound from last week’s low of 107.32 to extend gain to 108.70-75, however, still reckon 108.90-95 (50% Fibonacci retracement 110.49-107.32) would limit upside and bring retreat later, below the Kijun-Sen (now at 107.97) would suggest the rebound from 107.32 has possibly ended but break of 107.60-65 is needed to confirm and bring retest of 107.32.
In view of this, we are still looking to sell dollar on further recovery as 108.90-95 should limit upside. Above 109.10-15 would defer and signal low has been formed, bring test of resistance at 109.40 but price should falter well below resistance at 109.93.
