USD/JPY – 79.79
Original strategy :
Bought at 79.85, Target: 80.95, Stop: 79.50
Position: - Long at 79.85
Target: - 80.95
Stop:- 79.50
New Strategy :
Hold long entered at 79.85, Target: 80.95, Stop: 79.50
Position: - Long at 79.85
Target: - 80.95
Stop:- 79.50
Although dollar dropped initially to 79.64 again, as dollar has rebounded after holding at this level, suggesting further consolidation would be seen and another corrective bounce to the Ichimoku cloud (now at 80.28-34) would be seen, however, break of resistance at 80.61 is needed to signal low is formed and bring retracement of recent decline to previous support at 80.86 and possibly towards 81.00.
In view of this, we are holding on to our long position entered at 79.85. A break of said support would abort and extend recent decline to 79.50, however, loss of downward momentum should prevent sharp fall below 79.20/25 and still reckon 79.00 would hold from here and risk from there remains for another bounce.
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