Candlesticks Intraday

Trade Idea : USD/JPY - Sell at 112.05

Typography

USD/JPY - 111.20


Most recent candlesticks pattern   : N/A

Trend                      : Near term down


Tenkan-Sen level              : 111.36

Kijun-Sen level                  : 110.99

Ichimoku cloud top             : 112.14

Ichimoku cloud bottom      : 111.22


Original strategy  :

Sell at 112.05, Target: 110.85, Stop: 112.40

Position :  -

Target :  -

Stop : -


New strategy  :

Sell at 112.05, Target: 110.85, Stop: 112.40

Position :  -

Target :  -

Stop : -


Dollar’s rebound after falling to 110.24 suggests consolidation above this level would be seen and corrective bounce to 112.00-05 (50% Fibonacci retracement of 113.85-110.24) cannot be ruled out, however, reckon upside would be limited and bring another decline later, below 110.70-75 would suggest the rebound from 110.24 has ended, bring retest of this level first.

In view of this, would not chase this fall here and would be prudent to sell dollar on subsequent recovery as 112.05-10 should limit upside and bring another decline. Above 112.35-40 would defer and signal low is formed instead, risk a stronger rebound to 112.65-70.