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

 

USD/JPY – 113.38

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 113.38

Kijun-Sen level                  : 113.43

Ichimoku cloud top             : 113.43

Ichimoku cloud bottom      : 113.08

Original strategy  :

Buy at 112.80, Target: 113.70, Stop: 112.45

Position :  –

Target :  –

Stop : –

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

 

* FINAL UPDATE, HOPE TO SEE U ALL AGAIN SOON ! *

 

Although the greenback retreated after rising to 113.64 and consolidation below this level would be seen, reckon pullback would be limited to 113.00-10 and renewed buying interest should emerge around 112.80, bring another rise later, above said resistance would extend the move from 112.03 to resistance at 113.75, however, break there is needed to signal the rise from 110.84 low has resumed for headway towards 113.95-00, then towards 114.30-35 later.

On the downside, below 112.50-55 would suggest top is formed, bring test of 112.31 support but only break of latter level would signal the rebound from 112.03 has ended instead, bring retest of this level later. As near term outlook is mixed, would be prudent to stand aside for now.

 

Author: Action Forex

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