USD/JPY – 110.45
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 110.56
Kijun-Sen level : 110.32
Ichimoku cloud top : 109.96
Ichimoku cloud bottom : 109.31
Original strategy :
Buy at 109.65, Target: 110.65, Stop: 109.30
Position : –
Target : –
Stop : –
New strategy :
Buy at 109.65, Target: 110.65, Stop: 109.30
Position : –
Target : –
Stop : –
As the greenback has maintained a firm undertone after this week’s rally, suggesting bullishness remains for the rise from 107.32 low to extend further gain towards previous resistance at 110.95-05, however, break there is needed to retain upside bias and encourage for headway to 111.30, having said that, near term overbought condition should prevent sharp move beyond another previous resistance at 111.71, bring retreat later.
In view of this, would not chase this rise here and would be prudent to buy dollar on subsequent pullback as 109.50-60 should limit upside. Below previous resistance at 109.40 would risk test of the lower Kumo (now at 109.31) but only break there would abort and signal top is formed instead, bring weakness to 109.00 first.
