USD/JPY – 112.00
Original strategy :
Sell at 112.40, Target: 111.40, Stop: 112.75
Position :Â –
Target :Â –
Stop : –
New strategy :
Sell at 112.40, Target: 111.40, Stop: 112.75
Position :Â –
Target :Â –
Stop : –
Although the greenback rose to as high as 112.93 yesterday, the subsequent sharp retreat signals top has been formed there and consolidation with downside bias is seen for weakness to 111.46 support, a firm break below there would add credence to this view, brig further fall towards 111.15-20 but support at 110.95 should remain intact, bring rebound later.
In view of this, we are looking to sell dollar on recovery as 112.40-45 should limit upside and bring another decline. Above 112.70-75 would risk retest of said resistance at 112.93 but break there is needed to confirm recent upmove has resumed for headway to 113.15-20.
