USD/JPY – 122.99
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 122.996
Kijun-Sen level : 122.85
Ichimoku cloud top : 123.24
Ichimoku cloud bottom : 123.22
Original strategy :
Bought at 122.90, Target: 124.00, Stop: 122.55
Position : – Long at 122.90
Target : – 124.00
Stop : – 122.55
New strategy :
Hold long entered at 122.90, Target: 124.00, Stop: 122.65
Position : – Long at 122.90
Target : – 124.00
Stop : – 122.65
As the greenback staged a strong rebound after finding support at 122.30 yesterday, retained our view that the retreat from 123.67 has ended at 122.30 and further choppy trading within early established range would be seen with upside bias for test of 123.67-76 resistance, however, above there is needed to signal an upside break has occurred, bring further gain towards 124.00-10 later.
In view of this, we are holding on to our long position entered at 122.90. Below 122.70 would risk another fall to 122.30 support but only break of indicated support area at 122.22-26 would signal a possible downside break of recent broad range, bring further fall to 122.00, below there would extend weakness to 121.70 and later towards 121.50-55.
Commerce Concept Wrap-up: USD/JPY - Maintain lengthy entered at 122.90
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