USD/JPY – 114.08
Original strategy :
Sell at 114.55, Target: 113.55, Stop: 114.85
Position : –
Target : –
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite intra-day marginal fall to 113.61, as the greenback has rebounded after holding above support at 113.56, suggesting consolidation above this level would be seen and recovery to 114.30-35 cannot be ruled out, however, reckon upside would be limited to 114.50-55 and price should falter below last week’s high at 114.75, bring further choppy trading. Only break of 114.75 would signal the rise from 111.69 has resumed and extend gain to 114.96 (previous resistance) but price should falter well below resistance at 115.38.
On the downside, below said support at 113.56 would revive near term bearishness and add credence to our view that top has been formed at 114.75, bring retracement of recent rise to 113.20-25 (50% Fibonacci retracement of 111.69-114.75), however, downside would be limited to 113.00 and 112.84-86 (previous resistance and 61.8% Fibonacci retracement) should remain intact, bring rebound later.
