USD/JPY – 110.72
Original strategy :
Sell at 112.05, Target: 110.85, Stop: 112.40
Position :Â –
Target :Â –
Stop : –
New strategy :
Sell at 111.85, Target: 110.45, Stop: 112.20
Position :Â –
Target :Â –
Stop : –
As the greenback has recovered again after falling to 110.24, suggesting consolidation above this level would be seen and test of resistance at 111.42 cannot be ruled out, however, reckon upside would be limited to 111.75-85 and bring another decline, below said support at 110.24 would extend selloff from 114.37 top to 110.00 but loss of near term downward momentum should prevent sharp fall below 109.70-75, bring rebound later.
In view of this, would not chase this fall here and would be prudent to sell dollar on subsequent recovery as 111.85-90 should limit upside and bring another decline. Above 112.05-10 would would defer and risk a stronger rebound to 112.45-55.
