USD/JPY – 111.77
Original strategy :
Bought at 111.50, Target: 112.50, Stop: 111.15
Position :Â – Long at 111.50
Target :Â – 112.50
Stop : – 111.15
New strategy :
Hold long entered at 111.50, Target: 112.50, Stop: 111.15
Position :Â – Long at 111.50
Target :Â – 112.50
Stop : – 111.15
Although the greenback retreated after meeting resistance at 112.13 yesterday, reckon the lower Kumo (now at 111.45) would limit downside and bring another rebound, above said resistance would extend the erratic rise from 110.24 low to 112.36 (100% projection of 110.4-11174 measuring from 110.86) and then 112.45-50 (61.8% Fibonacci retracement), however, reckon 112.75-80 would limit upside.
In view of this, we are holding on to our long position entered at 111.50. Below the lower Kumo (now at 111.45) would risk weakness to 111.25-30 but break of indicated support at 110.86 is needed to signal top is formed and suggest the rise from 110.24 has ended, then further fall to 110.50-55 would follow.
