USD/JPY – 109.59
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 109.70
Kijun-Sen level : 109.98
Ichimoku cloud top : 109.56
Ichimoku cloud bottom : 109.52
Original strategy :
Sell at 110.20, Target: 109.20, Stop: 110.55
Position : –
Target : –
Stop : –
New strategy :
Sell at 110.20, Target: 109.20, Stop: 110.55
Position : –
Target : –
Stop : –
Although the greenback retreated after meeting resistance at 110.01, break of yesterday’s low at 109.11 is needed to signal recent decline from 114.37 has resumed and extend weakness to 109.00-05 (1.236 times projection of 111.71-110.31 measuring from 110.73), then towards 108.70-75 but near term oversold condition should limit downside to 108.45-50 (1.618 times projection), bring rebound later.
In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as previous support at 110.24 (now resistance) should limit upside and bring another decline. Above previous support at 110.31 would defer and suggest low is formed instead, bring a stronger rebound to 110.60 but break of resistance at 110.73 is needed to add credence to this view.
