USD/JPY – 113.95
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 113.78
Kijun-Sen level : 113.62
Ichimoku cloud top : 113.74
Ichimoku cloud bottom : 113.20
Original strategy :
Buy at 113.00, Target: 114.00, Stop: 112.65
Position : –
Target : –
Stop : –
New strategy :
Buy at 113.40, Target: 114.40, Stop: 113.05
Position : –
Target : –
Stop : –
As the greenback found renewed buying interest at 113.24 and has staged a strong rebound, suggesting the pullback from 114.10 has ended and break of this level would confirm recent rise from 111.65 has resumed for headway to 114.45-50 (50% projection of 111.65-114.10 measuring from 113.24) but reckon upside would be limited to 114.75-80 (61.8% projection) and 115.00 would hold from here.
In view of this, we are looking to buy dollar again on pullback as 113.30-40 should hold, bring another rise. Below 113.20-24 (50% Fibonacci retracement of 112.30-114.10 and said support) would defer and bring correction to 112.95-00 (61.8% Fibonacci retracement) but reckon 112.60-70 and bring another rise later.
