Trade Idea: USD/JPY - Stand aside

Candlesticks Trades | Written by ActionForex.com | Sep 23 09 14:08 GMT |

USD/JPY – 91.40 Most recent candlesticks pattern : N/A Trend : Down Tenkan-Sen level : 91.13 Kijun-Sen level : 91.51 Ichimoku cloud top : 91.71 Ichimoku cloud bottom : 90.84 New Strategy :. Stand aside As dollar has rebounded after trading above intra-day support at 90.47, suggesting further consolidation above recent low at 90.12 would take place and another corrective rise to the Ichimoku cloud top (now at 91.71) is likely, only break of resistance at 92.55/60 would revive bullishness for correction of recent decline towards 93.05 (38.2% Fibonacci retracement of 97.79 to 90.12), then towards resistance at 93.31. On the downside, below said support would signal decline has resumed for retest of 90.12, then test of psychological support at 90.00 and later towards 89.49 (61.8% projection of 95.07 to 90.12 measuring from 92.55) before correction. In view of upcoming FOMC meeting result, we are standing aside in the meantime.