USD/JPY – 112.45
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 112.51
Kijun-Sen level : 112.76
Ichimoku cloud top : 113.19
Ichimoku cloud bottom : 113.01
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite this week’s anticipated rebound to 113.33, as the greenback met renewed selling interest there and has dropped quite sharply today, dampening our near term bullishness and downside risk remains for the fall from 114.74 top to extend weakness to 112.26-30 (100% projection of 114.74-113.09 measuring from 113.91 and previous support) but loss of momentum should prevent sharp fall below 112.00-05, price should stay above 111.70, bring rebound later.
In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above the Kijun-Sen (now at 112.86) would bring recovery to 113.00-10 but only break of said resistance at 113.33 would suggest low is formed instead, bring a stronger rebound to 113.60, however, price should falter well below resistance at 113.91.
