USD/JPY – 111.48
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 111.17
Kijun-Sen level : 111.06
Ichimoku cloud top : 111.80
Ichimoku cloud bottom : 111.29
Original strategy :
Sell at 112.00, Target: 110.80, Stop: 112.35
Position : –
Target : –
Stop : –
New strategy :
Sell at 112.20, Target: 110.80, Stop: 112.55
Position : –
Target : –
Stop : –
Dollar’s rebound after marginal fall to 110.63 yesterday suggests consolidation above this level would be seen and corrective bounce to 111.80 cannot be ruled out, however, reckon upside would be limited to previous support at 112.26 (now resistance) and bring another decline later. Below 110.75-80 would bring retest of 110.63 but break there is needed to confirm recent decline has resumed for further fall to 110.50, then 110.25-30 but loss of momentum should limit downside to 110.00.
In view of this, would not chase this fall here and would be prudent to sell cable on recovery as previous support at 112.26 should limit upside. Above 112.50 would suggest low is possibly formed, risk a stronger rebound to 112.70 but only break of resistance at 112.87-90 would provide confirmation.
