USD/JPY – 112.37
Original strategy :
Sell at 113.10, Target: 112.10, Stop: 113.45
Position : –
Target : –
Stop : –
New strategy :
Sell at 113.10, Target: 112.10, Stop: 113.45
Position : –
Target : –
Stop : –
As the greenback has remained under pressure after dropping from last week’s high of 113.44, bearishness remains for this move to extend weakness to support at 112.21, break there would bring retracement of early upmove to 112.00, then towards 111.75-80 but near term oversold condition would limit downside and reckon previous support at 111.47 would 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.
