USD/JPY – 111.30
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 111.44
Kijun-Sen level : 111.45
Ichimoku cloud top : 111.69
Ichimoku cloud bottom : 111.36
Original strategy :
Sell at 111.85, Target: 110.85, Stop: 112.20
Position : –
Target : –
Stop : –
New strategy :
Sell at 111.85, Target: 110.85, Stop: 112.20
Position : –
Target : –
Stop : –
As the greenback has remained under pressure after last week’s selloff, bearishness remains for the selloff from 114.74 top to extend further weakness to 111.00-03 (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 112.05-10 (61.8% Fibonacci retracement of 112.72-111.07) would defer and signal a temporary low is formed, bring a stronger rebound to 112.40-50 but price should falter below resistance at 112.72, bring another decline later.
