Commerce Concept: USD/JPY - Promote at 119.80

USD/JPY – 119.43

Most recent candlesticks pattern   : N/A

Trend                      : Down

Tenkan-Sen level              : 119.40

Kijun-Sen level                  : 119.20

Ichimoku cloud top             : 119.95

Ichimoku cloud bottom      : 119.86

Original strategy  :

Sell at 119.80, Target: 118.80, Stop: 120.15

Position :  –

Target :  –

Stop : –

New strategy  :

Sell at 119.80, Target: 118.80, Stop: 120.15

Position :  –

Target :  –

Stop : –

As the greenback has rebounded after falling to 118.70 yesterday, retaining our view that consolidation above this level would be seen, however, reckon upside would be limited to the lower Kumo (now at 119.86) and previous support at 120.00-02 would hold, bring another decline later. A break of 119.00 would bring retest of said support, below there would extend recent decline from 123.76 to 118.50 and possibly towards 118.20-25 but reckon 118.00 would hold from here.

In view of this, we are looking to sell dollar on recovery as previous support at 120.00-02 should turn into resistance and cap upside, bring another decline. Only break of intra-day resistance at 120.47 would abort and signal low is formed, bring a stronger rebound to 120.66 resistance.

Commerce Concept: USD/JPY - Promote at 119.80