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

USD/JPY – 120.90

Most recent candlesticks pattern   : N/A

Trend                      : Down

Tenkan-Sen level              : 120.94

Kijun-Sen level                  : 120.93

Ichimoku cloud top             : 121.30

Ichimoku cloud bottom      : 121.10

Original strategy  :

Buy at 120.35, Target: 121.35, Stop: 120.00

Position :  –

Target :  –

Stop : –

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –
Remark: Due to Christmas holidays, update will resume on Monday 28 Dec 2015.

As dollar’s selloff from 123.57 has kept price under pressure and near term downside risk remains for the fall from 123.57 to extend weakness to 120.50, as broad outlook remains consolidative, reckon downside would be limited to previous support at 120.34, price should stay above psychological support at 120.00, bring another rebound later. Above 121.30-35 would suggest low is formed, bring test of 121.50, above there would add credence to this view, bring a stronger rebound to 121.75-80, then 122.00 and possibly 122.25-30.

In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Below 120.00 would risk further weakness to 119.75-80 and possibly towards 119.50 but still reckon sharp fall below there would not be repeated, risk from there remains for a rebound to take place later.

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