Trade Idea: USD/JPY - Buy At 92.80
USD/JPY � 92.80
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 93.65
Kijun-Sen level : 94.14
Ichimoku cloud top : 95.09
Ichimoku cloud bottom : 94.29
Original strategy
Long at 92.80, Target: 94.20, Stop: 92.20
New Strategy
Exit long entered at 92.80
As the greenback has dropped sharply this morning on broad-based strength in Japanese yen after weekend election, suggesting further decline to 92.37 (61.8% projection of 97.79-93.42 measuring from 95.07) is likely, however, near term oversold condition should limit downside to 92.00 and chart support at 91.73 should hold from here.
In view of this, we are exiting our long position entered at 92.80, stand aside in the meantime and look to sell on recovery. On the upside, whilst rebound to the Tenkan-Sen (now at 93.32) cannot be ruled out, the Kijun-Sen (now at 93.59) should attract renewed selling interest and resistance at 94.08 would hold