USD/JPY – 79.58
Original strategy :
Bought at 79.85, stopped at 79.50
Position: - Long at 79.85
Target: -
Stop:- 79.50
New Strategy :
Stand aside
Position: -
Target: -
Stop:-
Dollar’s breach of recent support at 79.64 signals recent decline has resumed and bearishness remains for further weakness to 79.20/25, however, near term oversold condition should prevent sharp fall below 79.00 and risk from there is seen for another corrective rebound to take place later this week.
In view of this, would not chase this decline here and we would stand aside in the meantime. Above intra-day resistance at 79.95 would suggest low Is possibly formed and bring test of the upper Kumo (now at 80.01) but break of yesterday’s high of 80.098 is needed to confirm, bring a stronger rebound to 80.40 first.
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