USD/JPY – 113.02
New strategy :
Stand aside
Position :Â –
Target :Â –
Stop : –
As the greenback has surged again after finding renewed buying interest just below 112.00, dampening our near term bearishness and near term upside risk remains for recent upmove to extend gain to 113.20, then towards 113.40-50, however, near term overbought condition should prevent sharp move beyond later level and reckon 113.75-80 would hold from here, bring retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside for now. Below the Kijun-Sen (now at 112.51) would bring test of the lower Kumo (now at 112.17) but break of 111.90-95 is needed to signal an intra-day top is formed, bring test of 111.73 support first.
