USD/JPY – 113.72
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 113.94
Kijun-Sen level : 113.89
Ichimoku cloud top : 113.62
Ichimoku cloud bottom : 113.59
Original strategy :
Bought at 113.80, Target: 114.80, Stop: 113.45
Position : – Long at 113.80
Target : – 114.80
Stop : – 113.45
New strategy :
Hold long entered at 113.80, Target: 114.80, Stop: 113.50
Position : – Long at 113.80
Target : – 114.80
Stop : – 113.50
As dollar has retreated after rising to 114.24 earlier today, suggesting consolidation below this level would be seen, however, as long as support at 113.54 holds, prospect of another rise remains, above said resistance at 114.24 would extend recent upmove from 107.32 low to 114.45-50 (50% projection of 111.65-114.10 measuring from 113.24), then towards 114.75-80 (61.8% projection) but loss of momentum should prevent sharp move beyond latter level and reckon 115.00 would hold from here.
In view of this, we are holding on to our long position entered at 113.80. Below support at 113.54 would abort and suggest an intra-day top is formed, bring test of 113.24 support, however, break there is needed to provide confirmation, bring retracement of recent rise to 113.00 later.
