USD/JPY – 111.16
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback has retreated after intra-day initial brief rise to 111.43, below 110.72 (previous support as well as current level of the lower Kumo) is needed to suggest an intra-day top is formed, bring further fall to 110.45-50, then towards this week’s low at 110.11, otherwise, further choppy trading is in store. Below 110.11 would revive bearishness and extend recent decline to 109.95-00, then towards 109.70-75.
On the upside, above 111.48-51 (previous resistance and 50% Fibonacci retracement of 112.90-110.11) would signal low has been formed at 110.11, bring retracement of recent decline to 111.80-85 (61.8% Fibonacci retracement) but price should falter below previous support at 112.26, bring retreat later. As near term outlook is mixed, would be prudent to stand aside for now.
