USD/JPY – 109.54
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 109.62
Kijun-Sen level : 109.36
Ichimoku cloud top : 109.46
Ichimoku cloud bottom : 109.18
Original strategy :
Sell at 110.10, Target: 109.10, Stop: 110.45
Position : –
Target : –
Stop : –
New strategy :
Sell at 110.10, Target: 109.10, Stop: 110.45
Position : –
Target : –
Stop : –
As the greenback has staged a strong rebound after Friday’s brief fall to 108.73, suggesting a temporary low has been formed there and consolidation with mild upside bias is seen for retracement of recent decline to 109.80, however, reckon upside would be limited to resistance at 110.18 and bring retreat later, below 109.00 would signal the rebound from 108.73 has ended, bring retest of this level, break there would extend recent decline to 108.50 but previous chart support at 108.13 should remain intact.
In view of this, we are inclined to sell dollar on further subsequent rebound as resistance at 110.18 should cap upside. Above previous support at 110.25 would risk a stronger corrective rise to 110.50 but still reckon upside would be limited and resistance at 110.83 should remain intact, bring another selloff.
