USD/JPY – 111.38
New strategy :
Stand aside
Position :Â –
Target :Â –
Stop : –
Although the greenback has fallen again after brief bounce above 112.00 level and downside risk remains for recent decline from 114.50 top to extend weakness to 111.20-25, however, reckon 110.90-00 would hold from here due to near term oversold condition, bring rebound later.Â
In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above the Kijun-Sen (now at 111.81) would suggest an intra-day low is possibly formed but break of resistance at 112.08 is needed to signal low is formed, bring a stronger rebound to indicated resistance at 112.42 next.
