HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/JPY - Buy at 113.15

Trade Idea : USD/JPY – Buy at 113.15

USD/JPY – 113.75

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 113.79

Kijun-Sen level                  : 113.85

Ichimoku cloud top             : 114.12

Ichimoku cloud bottom      : 113.77

Original strategy  :

Buy at 113.15, Target: 114.25, Stop: 112.80

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 113.15, Target: 114.25, Stop: 112.80

Position :  –

Target :  –

Stop : –

Dollar’s retreat after rising marginally to 114.37 yesterday has retained our view that further consolidation below this level would be seen and pullback to 113.35-40 is likely, however, still reckon previous resistance at 113.05 (now support) would contain downside and bring another rise later to 114.50-55 (100% projection of 108.13-111.78 measuring from 110.87) but overbought condition should limit upside to 114.75-80 and price should falter below 115.00.

In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as 113.15-20 should contain downside. A firm break below previous resistance at 112.99-05 would defer and suggest top is formed, bring correction of recent upmove to 112.65-70 but reckon support at 112.39 would remain intact. 

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