USD/JPY – 112.83
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 112.62
Kijun-Sen level : 112.31
Ichimoku cloud top : 112.00
Ichimoku cloud bottom : 111.78
Original strategy :
Buy at 111.70, Target: 112.70, Stop: 111.35
Position : –
Target : –
Stop : –
New strategy :
Buy at 112.50, Target: 113.50, Stop: 112.15
Position : –
Target : –
Stop : –
As the greenback has surged again and broke above previous resistance at 112.72, confirming recent upmove has resumed and upside bias remains for further gain to 113.00, then 113.25-30 (1.236 times projection of 107.32-111.04 measuring from 109.55), however, near term overbought condition should prevent sharp move beyond previous chart resistance at 113.58 and reckon 113.75-80 would hold from here, risk from there has increased for a retreat later.
In view of this, we are looking to reinstate long on pullback as 112.40-50 should limit downside. Below the Kijun-Sen (now at 112.31) would defer and suggest an intra-day top is formed, brig correction towards the upper Kumo (now at 112.00) which is likely to hold on first testing.
