USD/JPY – 111.00
Original strategy :
Sold at 111.45, Target: 110.45, Stop: 111.75
Position : – Short at 111.45
Target : – 110.45
Stop : – 111.75
New strategy :
Hold short entered at 111.45, Target: 110.45, Stop: 111.75
Position : – Short at 111.45
Target : – 110.45
Stop : – 111.75
Although the greenback staged a rebound from 110.78 to 111.71, the subsequent retreat has retained our bearishness for a retest of this week’s low at 110.62, however, break there is needed to confirm recent decline has resumed and extend further weakness to 110.30-35 but reckon 110.00-05 would hold from here.
In view of this, we are holding on to our short position entered at 111.45. Above said resistance at 111.71 would defer and prolong choppy trading, however, price should still falter below said resistance at 112.20, bring retreat later.
