Candlesticks Intraday

Trade Idea Wrap-up: USD/JPY - Stand aside


USD/JPY - 109.39

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 109.70

Kijun-Sen level                  : 109.76

Ichimoku cloud top             : 110.24

Ichimoku cloud bottom      : 110.01

New strategy  :

Stand aside

Position :  -

Target :  -

Stop : -

The greenback met renewed selling interest at 110.18 and has dropped again, suggesting recent selloff is still in progress and bearishness remains for weakness to 109.20-25, then towards 109.00, however, near term oversold condition should prevent sharp fall below 108.70-75 today and reckon 108.50 would hold from here, bring rebound later.

In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above the Kijun-Sen (now at 109.76) would defer and risk recovery to 110.00 but only break of said resistance at 110.18 would signal low is formed instead, bring further gain towards 110.45-50.