USD/JPY – 111.25
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 111.23
Kijun-Sen level : 111.64
Ichimoku cloud top : 112.35
Ichimoku cloud bottom : 112.34
Original strategy :
Sold at 112.60, met target at 111.60
Position : – Short at 112.60
Target : – 111.60
Stop : –
New strategy :
Sell at 111.85, Target: 110.85, Stop: 112.20
Position : –
Target : –
Stop : –
Yesterday’s anticipated selloff adds credence to our bearish expectation for recent decline to resume (our short position entered at 112.60 met target at 111.60 with 100 points profit) and as price has remained under pressure, downside bias remains for recent fall from 114.74 top to extend further weakness to 111.00-05 (50% Fibonacci retracement of 107.32-114.74) but near term oversold condition should limit downside to 110.70 and reckon 110.40-50 would hold from here.
In view of this, we are looking to sell dollar on recovery as 111.88 (previous support now resistance) should limit upside and bring another decline later. Above 112.00-10 would defer and risk test of the upper Kumo (now at 112.35) but price should falter below resistance at 112.72, bring another decline later.
