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

USD/JPY – 100.25

Most recent candlesticks pattern   : N/A

Trend                      : Sideways

Tenkan-Sen level              : 100.59

Kijun-Sen level                  : 100.66

Ichimoku cloud top             : 100.83

Ichimoku cloud bottom      : 100.23

New strategy  :

Stand aside

Position :  –

Target :  –

Stop : –

Despite staging a strong rebound from 99.54 to 101.17, the greenback met renewed selling interest there and has retreated quite sharply, suggesting the aforesaid rebound has possibly ended and weakness to 100.00 cannot be ruled out, however, reckon downside would be limited to 99.75-80 and said support at 99.54 should remain intact, bring another rebound.

On the upside, whilst recovery to the Kijun-Sen (now at 100.66) cannot be ruled out, reckon upside would be limited and price should falter below said resistance at 101.17, bring further choppy trading. Only break of 101.17 would shift risk back to upside for retracement of recent decline towards resistance at 101.45 but break there is needed to signal the fall from 102.66 has ended, bring further subsequent rise to 101.75-80 but price should falter below resistance at 102.28. As near term outlook is mixed, would be prudent to stand aside in the meantime.