USD/JPY – 111.80
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 112.07
Kijun-Sen level : 111.99
Ichimoku cloud top : 112.23
Ichimoku cloud bottom : 111.91
Original strategy :
Bought at 111.80, Target: 112.80, Stop: 111.45
Position : – Long at 111.80
Target : – 112.80
Stop : – 111.45
New strategy :
Exit long entered at 111.80,
Position : – Long at 111.80
Target : –
Stop : –
Current sharp retreat on dollar’s broad-based weakness signals an intra-day top has been formed at 112.42 and downside risk remains for retest of yesterday’s low at 111.55, break there would confirm recent decline from 114.50 top has resumed and extend further weakness to 111.20-25, however, reckon 111.00 would hold from here due to near term oversold condition, bring rebound later.
In view of this, would be prudent to exit long entered at 111.80 and stand aside for now. Above 112.20-25 would prolong consolidation and bring another bounce to 112.42, break there would signal a temporary low is formed, bring a stronger rebound to resistance at 112.87.
