Candlesticks Intraday

Trade Idea : USD/JPY - Sell at 109.70


USD/JPY - 109.20

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 109.09

Kijun-Sen level                  : 109.49

Ichimoku cloud top             : 110.20

Ichimoku cloud bottom      : 109.95

New strategy  :

Sell at 109.70, Target: 108.70, Stop: 110.05

Position :  -

Target :  -

Stop : -

Although the greenback extended recent fall and dropped to 108.91 earlier today, current rebound suggests consolidation above this level would be seen and test of the Kijun-Sen (now at 109.49) is likely, however, reckon 109.70 (61.8% Fibonacci retracement of 110.18-108.91) would limit upside and bring another decline, below said support at 108.91 would extend recent fall to previous support at 108.82, break there would bring subsequent fall towards 108.50 but price should stay above chart support at 108.13.

In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 108.70 should limit upside. Only break of resistance at 110.18 would abort and signal recent decline has ended and risk a stronger rebound to 110.50 but price should falter below another previous resistance at 110.83.