USD/JPY – 115.43
Original strategy :
Buy at 114.90, Target: 115.90, Stop: 114.55
Position :Â –
Target :Â –
Stop : –
New strategy :
Buy at 114.90, Target: 115.90, Stop: 114.55
Position :Â –
Target :Â –
Stop : –
As the greenback has surged again today and broke above indicated previous resistance at 115.38, adding credence to our bullishness for recent upmove to extend further gain to another previous resistance at 115.62, however, near term overbought condition should prevent sharp move beyond 115.90-00, risk from there has increased for a retreat to take place later.
In view of this, would not chase this rise here and we are looking to buy dollar on pullback as 114.90-00 should limit downside and bring another rise. Below previous resistance at 114.75-76 would defer and risk test of 114.50-55 but break of support at 114.26 is needed to signal top is formed instead.
