USD/JPY – 111.87
Original strategy :
Buy at 111.00, Target: 112.00, Stop: 110.65
Position : –
Target : –
Stop : –
New strategy :
Buy at 111.00, Target: 112.00, Stop: 110.65
Position : –
Target : –
Stop : –
Although the greenback resumed recent upmove and rose to 112.08, the subsequent retreat suggests consolidation below this level would be seen and pullback to 111.35-40 cannot be ruled out, however, support at 110.95 should contain downside and bring another upmove later, break of resistance at 112.08-13 would extend further gain to 112.40-45 (50% projection of 108.82-111.79 measuring from 110.95) but price should falter below 112.75-80 (61.8% projection).
In view of this, would not chase this rise here and we are looking to buy dollar on pullback as support at 110.95 should contain downside. below 110.80 (38.2% Fibonacci retracement of 108.82-111.79 measuring from 10.95) but only break of 110.65 support would confirm top is formed.
