USD/JPY – 112.27
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 112.12
Kijun-Sen level : 112.23
Ichimoku cloud top : 112.86
Ichimoku cloud bottom : 112.68
Original strategy :
Sell at 112.60, Target: 111.60, Stop: 111.60
Position : –
Target : –
Stop : –
New strategy :
Sell at 112.60, Target: 111.60, Stop: 111.60
Position : –
Target : –
Stop : –
As the greenback has remained under pressure after last week’s selloff from 113.91, suggesting recent decline from 114.74 top is still in progress, hence bearishness is seen for further weakness to previous support at 111.65, break there would extend fall to 111.45-50, however, near term oversold condition should limit downside and reckon 111.00-05 would hold from here, bring rebound later.
In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 112.60-65 should limit upside. bring another decline later. Above 112.85-90 would risk test of previous support at 113.09 but only break there would abort and signal low is formed instead, bring a stronger rebound to 113.33 resistance first.
