HomeTrade IdeasCandlesticks IntradayTrade Idea Update: USD/JPY - Buy at 111.80

Trade Idea Update: USD/JPY – Buy at 111.80

USD/JPY – 112.16

Original strategy  :

Buy at 111.80, Target: 112.80, Stop: 111.45

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 111.80, Target: 112.80, Stop: 111.45

Position :  –

Target :  –

Stop : –

The greenback has maintained a firm undertone after this week’s rally on active cross-selling in yen, adding credence to our bullishness and signal the rise from 108.82 low is still in progress, hence further gain to 112.75–80 (61.8% projection of 108.82-111.79 measuring from 110.95) would be seen, however, loss of momentum should limit upside and price should falter below 113.00-10 today, risk from there is seen for a retreat later.

In view of this, would not chase this rise here and we are looking to buy dollar on pullback but at a higher level as 111.80 should limit downside. Below minor support at 111.46 would defer and suggest top is possibly formed, risk weakness to 111.10-15, break there would confirm, then test of support at 110.95 would follow.

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