USD/JPY – 114.96
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 114.87
Kijun-Sen level : 114.73
Ichimoku cloud top : 114.94
Ichimoku cloud bottom : 114.94
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback recovered after falling to 114.48 yesterday and minor consolidation is in store, reckon upside would be limited to 115.15-20 and near term downside risk remains for the fall from 115.51 top (last week’s high) to bring at least a retracement of recent upmove to 114.26 support but downside should be limited to 114.00-05 (38.2% Fibonacci retracement of 111.69-115.51) and price should stay well above strong support at 113.56-61), bring rebound later.
In view of this, would be prudent to stand aside for now. Above 115.15-20 would suggest an intra-day low is formed, bring a stronger rebound but still reckon said resistance at 115.51 would cap upside. Only break there would revive bullishness and extend recent upmove to previous resistance at 115.62, then towards 115.90-00.
