USD/JPY – 110.90
Original strategy :
Sell at 111.30, Target: 110.30, Stop: 111.65
Position :Â –
Target :Â –
Stop : –
New strategy :
Stand aside
Position :Â –
Target :Â –
Stop : –
Although the the greenback slipped again in NY morning, as dollar has rebounded again after holding above indicated support at 110.11, retaining our view that further consolidation above this level would be seen and corrective bounce to 111.10-15 cannot be ruled out, however, reckon upside would be limited and resistance at 111.46 should remain intact, bring another decline later, below said support at 110.11-13 would confirm medium term decline has resumed for further subsequent fall to 109.80-85 (1.618 times projection of 112.20-111.12 measuring from 111.59) but price should hold above 109.50-55 (100% projection of 112.20-110.27 measuring from 111.46).
In view of this, would be prudent to stand aside in the meantime. Only above 111.46 resistance would abort and prolong choppy trading above 110.11 support, bring rebound to 111.59, then towards 111.90-00 later but price should falter well below said resistance at 112.20.Â
