USD/JPY – 113.21
Original strategy :
Buy at 112.50, Target: 113.50, Stop: 112.15
Position : –
Target : –
Stop : –
New strategy :
Buy at 112.65, Target: 113.65, Stop: 112.30
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 113.25-30 (1.236 times projection of 107.32-111.04 measuring from 109.55) and then towards previous resistance at 113.58, however, near term overbought condition should prevent sharp move beyond 113.75-80 and reckon 114.00-10 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 previous resistance at 112.53 should limit downside. Below 112.25-30 would defer and suggest an intra-day top is formed, brig correction towards the lower Kumo (now at 111.80) which is likely to hold on first testing.
