Trade Idea Wrap-up: USD/JPY - Sell at 114.50
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Trade Idea Wrap-up: USD/JPY - Sell at 114.50
Most recent candlesticks pattern : N/A
Tenkan-Sen level : 113.75
Ichimoku cloud top : 114.38
Ichimoku cloud bottom : 114.11
Sell at 114.50, Target: 113.50, Stop: 114.85
Sell at 114.50, Target: 113.50, Stop: 114.85
As the greenback has remained under pressure after retreating sharply from 114.96, retaining our view that top has possibly been formed there and consolidation with mild downside bias is seen for test of 113.25-28 (previous support and 50% Fibonacci retracement of 111.59-114.96) but break there is needed to signal the rise from 111.59 has ended, bring further fall towards 112.86-99 (previous support and 61.8% Fibonacci retracement), bring rebound later.
In view of this, we are looking to sell dollar on recovery as 114.50-55 should limit upside and bring another decline. Only above said resistance at 114.96 would abort and signal the aforesaid rise from 111.59 low is still in progress and may extend headway to 115.15-20 and later test of previous chart resistance at 115.38.
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