USD/JPY – 112.05
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 112.37
Kijun-Sen level : 112.43
Ichimoku cloud top : 112.88
Ichimoku cloud bottom : 112.76
Original strategy :
Sell at 113.10, Target: 112.10, Stop: 113.45
Position : –
Target : –
Stop : –
New strategy :
Sell at 112.65, Target: 111.65, Stop: 113.00
Position : –
Target : –
Stop : –
As dollar’s intra-day decline has gathered momentum after breaking support at 112.32, suggesting the fall from last week’s high of 113.44 is still in progress, bearishness remains for this move to extend weakness to 111.75-80, then towards 111.47 support but near term oversold condition would limit downside today and reckon 111.11 support would remain intact.
In view of this, we are looking to sell dollar on recovery as 112.60-65 should limit upside and bring another decline. A break of resistance at 112.83 would abort and signal low is formed, bring a stronger rebound to 113.10-20 but price should falter well below said last week’s high at 113.44.
