Latest Trade Ideas

Candlesticks Intraday

Trade Idea Wrap-up: USD/JPY - Buy at 110.35

Typography

USD/JPY - 111.28


Most recent candlesticks pattern   : N/A

Trend                      : Near term up


Tenkan-Sen level              : 111.15

Kijun-Sen level                  : 111.02

Ichimoku cloud top             : 110.94

Ichimoku cloud bottom      : 110.12


Original strategy  :

Buy at 110.35, Target: 111.35, Stop: 110.00

Position :  -

Target :  -

Stop : -


New strategy  :

Buy at 110.35, Target: 111.35, Stop: 110.00

Position :  -

Target :  -

Stop : -


Although the greenback has rebounded after finding support at 110.65 and test of last week’s high at 111.42 cannot be ruled out, break there is needed to confirm the rise from 108.82 low has resumed for retracement of recent decline from 114.37, bring further gain to 111.60 (50% Fibonacci retracement of 114.37-108.82) and then test of previous resistance at 111.71 but price should falter well below another resistance at 112.13. If said resistance continues to hold, then risk of another retreat cannot be ruled out, below said support at 110.65 would bring weakness to 110.30-35 (50% Fibonacci retracement of 109.27-111.42) where renewed buying interest should emerge there and bring another rise later.

In view of this, we are looking to buy dollar on pullback but one should exit on next rise. Below 110.05-10 (61.8% Fibonacci retracement of 109.27-111.42) would abort and signal top has been formed, bring further fall to 109.85-90 and possibly towards 109.50 but support at 109.27 should remain intact. 

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Author: Action Forex
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