USD/JPY – 113.75
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 113.79
Kijun-Sen level : 113.85
Ichimoku cloud top : 114.12
Ichimoku cloud bottom : 113.77
Original strategy :
Buy at 113.15, Target: 114.25, Stop: 112.80
Position : –
Target : –
Stop : –
New strategy :
Buy at 113.15, Target: 114.25, Stop: 112.80
Position : –
Target : –
Stop : –
Dollar’s retreat after rising marginally to 114.37 yesterday has retained our view that further consolidation below this level would be seen and pullback to 113.35-40 is likely, however, still reckon previous resistance at 113.05 (now support) would contain downside and bring another rise later to 114.50-55 (100% projection of 108.13-111.78 measuring from 110.87) but overbought condition should limit upside to 114.75-80 and price should falter below 115.00.
In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as 113.15-20 should contain downside. A firm break below previous resistance at 112.99-05 would defer and suggest top is formed, bring correction of recent upmove to 112.65-70 but reckon support at 112.39 would remain intact.
