USD/JPY – 110.73
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 110.75
Kijun-Sen level : 110.53
Ichimoku cloud top : 110.42
Ichimoku cloud bottom : 110.16
Original strategy :
Buy at 110.50, Target: 111.50, Stop: 110.15
Position : –
Target : –
Stop : –
New strategy :
Buy at 110.45, Target: 111.45, Stop: 110.10
Position : –
Target : –
Stop : –
Friday’s rally above 110.98 resistance signals a temporary low has been formed at 109.85 last week and consolidation above this level would be seen with mild upside bias for this rebound to bring retracement of recent decline, hence gain to 111.29-30 (previous resistance and 61.8% Fibonacci retracement of 112.20-109.85) is likely, however, break there is needed to add credence to this view, bring retracement of recent decline to 111.50 but price should falter below another previous resistance at 111.71.
In view of this, we are looking to buy dollar on dips as 110.40-50 should limit downside and bring another rise later. Below 110.15-20 would defer but only break of 110.00 would signal the rebound from 109.85 has ended, bring retest of this level, below there would extend recent decline to 109.70 and later towards 109.50.
