Commerce Concept Wrap-up: USD/JPY - Stand apart

USD/JPY – 122.75

Most recent candlesticks pattern   : N/A

Trend                      : Sideways

Tenkan-Sen level              : 122.96

Kijun-Sen level                  : 123.09

Ichimoku cloud top             : 123.23

Ichimoku cloud bottom      : 122.90

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

Dollar has slipped again after brief recovery to 123.19, dampening our bullishness and suggesting the rebound from 122.30 has possibly ended at 123.48 yesterday and downside risk is seen for weakness to 122.60, however, as broad outlook remains consolidative, reckon downside would be limited to 122.47 and key support at 122.22-26 should remain intact, bring further choppy trading later.

In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above 123.19 would bring another test of 123.48 (yesterday’s high) and possibly towards resistance at 123.56, however, only break of 123.67-76 resistance area would signal an upside break of recent established broad range has occurred, bring further gain towards 124.00-10 later.

Commerce Concept Wrap-up: USD/JPY - Stand apart