Trade Idea Wrap-up: USD/JPY – Buy at 114.50

USD/JPY – 115.28

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 115.29

Kijun-Sen level                  : 115.02

Ichimoku cloud top             : 114.56

Ichimoku cloud bottom      : 114.28

Original strategy  :

Buy at 114.90, Target: 115.90, Stop: 114.55

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 114.50, Target: 115.50, Stop: 114.15

Position :  –

Target :  –

Stop : –

As the greenback has retreated after intra-day marginal rise to 115.51, suggesting consolidation below this level would be seen and pullback to 115.00- cannot be ruled out, however, reckon downside would be limited to 114.75 (previous resistance now support) and bring another rise later, above said resistance at 115.51 would extend recent upmove to previous resistance at 115.62, then towards 115.90-00 which is likely to hold from here.

In view of this, would not chase this rise here and we are looking to buy dollar on pullback as 114.70 should limit downside and bring another rise. Below 114.40 would risk test of support at 114.26 but break there is needed to signal top is formed instead, bring correction to 113.90-95 first.