USD/JPY – 112.35
Original strategy :
Bought at 112.70, stopped at 112.35
Position :Â – Long at 112.70
Target :Â –
Stop : – 112.35
New strategy :
Stand aside
Position :Â –
Target :Â –
Stop : –
Despite intra-day brief rise to 113.15, the subsequent much deeper than expected retreat has dampened our bullishness and signals a temporary top has been formed there, hence consolidation with mild downside bias is seen for test of indicated strong support area at 112.03-13 but break there is needed to add credence to this view and signal the rebound from 111.65 has ended, bring another fall towards this level later.
On the upside, whilst recovery to the Kijun-Sen (now at 112.73) cannot be ruled out, price should falter well below said resistance at 113.15 and bring another retreat later. Only break of said resistance at 113.15 would revive bullishness for retest of recent high at 113.44 which is likely to hold on first testing.
