USD/JPY – 112.71
Original strategy :
Sell at 113.10, Target: 112.10, Stop: 113.45
Position :Â –
Target :Â –
Stop : –
New strategy :
Sell at 113.10, Target: 112.10, Stop: 113.45
Position :Â –
Target :Â –
Stop : –
Although the greenback jumped to 113.44 on Friday, the subsequent reversal from there to 112.32 suggests top has possibly been formed there and consolidation with downside bias is seen for test of support at 112.21, however, break there is needed to add credence to this view, bring retracement of early upmove to 112.00, then 111.75-80 but previous support at 111.47 should remain intact.
In view of this, we are looking to sell dollar on recovery as resistance area at 113.20-26 should cap upside and bring another decline to aforesaid downside targets. Only break of said resistance at 113.44 would abort and signal recent upmove is still in progress for further gain to 113.75-80 and possibly towards 114.00-10 which is likely to hold from here, bring correction later.Â
