USD/JPY – 113.57
Original strategy :
Buy at 112.85, Target: 113.85, Stop: 112.50
Position :Â –
Target :Â –
Stop : –
New strategy :
Buy at 112.85, Target: 113.85, Stop: 112.50
Position :Â –
Target :Â –
Stop : –
As the greenback has continued trading with a firm undertone, adding credence to our view that recent upmove has resumed and bullishness remains for further gain to 113.75-85 but loss of momentum should prevent sharp move beyond 114.00, risk from there is seen for a retreat to take place later.
In view of this, would not chase this rise here and we are looking to buy dollar on pullback but one should exit on next rise. Below 112.60 would suggest top is possibly formed, bring weakness to 112.35-40 but break there is needed to confirm, bring correction to 111.90-95 and later towards 111.73 support.
