USD/JPY – 114.13
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 113.92
Kijun-Sen level : 113.98
Ichimoku cloud top : 113.50
Ichimoku cloud bottom : 113.22
Original strategy :
Buy at 113.25, Target: 114.45, Stop: 112.90
Position : –
Target : –
Stop : –
New strategy :
Buy at 113.25, Target: 114.45, Stop: 112.90
Position : –
Target : –
Stop : –
Dollar’s retreat after rising to 114.33 suggests consolidation below this level would be seen and pullback to 113.50 cannot be ruled out, however, reckon 113.30-35 would limit downside and bring another rise later, above said resistance at 114.33 would extend recent upmove to 114.50-55 (100% projection of 108.13-111.78 measuring from 110.87), however, near term overbought condition should limit upside to 114.75-80 and price should falter below 115.00, bring retreat later.
In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as 113.25-35 should contain downside. Only below previous resistance at 113.05 would defer and suggest top is formed, bring correction of recent upmove to 112.70-80 but reckon support at 112.39 would remain intact.
