USD/JPY – 111.90
Original strategy :
Sell at 112.70, Target: 111.70, Stop: 113.05
Position :Â –
Target :Â –
Stop : –
New strategy :
Sell at 112.70, Target: 111.70, Stop: 113.05
Position :Â –
Target :Â –
Stop : –
Although the greenback recovered after falling to 111.68 yesterday and minor consolidation above this level would be seen, as the selloff from 114.50 signals top has been formed there, reckon upside would be limited to the upper Kumo (now at 112.73) and bring another decline, below said support at 111.68 would extend the fall from 114.50 top to 111.50, then 111.20-25 but reckon 111.00 would hold from here due to loss of downward momentum.
In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 112.70-75 should limit upside. A firm break above resistance at 112.87 would defer and risk a stronger rebound to 113.10-20 but price should falter below resistance at 113.58, bring another selloff later.
