HomeTrade IdeasCandlesticks IntradayTrade Idea Wrap-up: USD/JPY - Buy at 109.55

Trade Idea Wrap-up: USD/JPY – Buy at 109.55

USD/JPY – 110.19

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 110.35

Kijun-Sen level                  : 110.35

Ichimoku cloud top             : 109.76

Ichimoku cloud bottom      : 109.36

Original strategy  :

Buy at 109.80, Target: 110.80, Stop: 109.45

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 109.55, Target: 110.80, Stop: 109.20

Position :  –

Target :  –

Stop : –

As the greenback has retreated after rising to 110.67, suggesting consolidation below this level would be seen and pullback to 109.85-90 (previous resistance, now support), however, reckon support at 109.54 would limit downside and bring another rise later, above said resistance would add credence to our view that recent decline from 114.50 has ended at 108.27, then headway to resistance at 110.95 would follow, however, reckon upside would be limited to 111.15-20 and price should falter below 111.40 (approx. 50% Fibonacci retracement of 114.50-108.27).

In view of this, would not chase this rise here and we are looking to buy dollar on pullback as said support at 109.54 would limit downside and bring another rebound later. A firm break below this support would abort and signal top has been formed, risk weakness to 109.15-20 (61.8% Fibonacci retracement of 108.27-110.67).

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