USD/JPY – 111.45
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 111.33
Kijun-Sen level : 111.10
Ichimoku cloud top : 110.64
Ichimoku cloud bottom : 110.45
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback has edged higher again after last week’s rally and bullishness remains or recent reversal from 107.32 low to extend gain to 111.55-60, however, reckon upside would be limited to 111.85-90 (61.8% projection of 107.32-111.04 measuring from 109.55) and price should falter below 112.00-10, risk from there has increased for a correction later.
In view of this, would not chase this move here and would be prudent to stand aside for now. Below 111.00 would bring correction to 110.60-65 but downside should be limited to 110.30-35 and price should stay above 110.00, bring rebound later.
