USD/JPY – 112.68
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback staged a strong rebound after yesterday’s retreat to 112.38, break of this week’s high at 113.26 is needed to revive bullishness and signal recent upmove has resumed, then further gain to previous resistance at 113.58 would follow but loss of upward momentum should prevent sharp move beyond 113.75-80 and reckon 114.00-10 would remain intact, bring correction later.
In view of this, would not chase this rise here and would be prudent to stand aside. Below 112.50 would prolong consolidation and bring another retreat to 112.38, however, only a drop below thios support would signal top has been formed, bring retracement of recent rise to the lower Kumo (now at 112.22) and then towards 111.75-80 but support at 111.47 should remain intact.
