USD/JPY – 113.43
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 113.25
Kijun-Sen level : 113.31
Ichimoku cloud top : 113.99
Ichimoku cloud bottom : 113.82
Original strategy :
Sell at 114.00, Target: 113.00, Stop: 114.35
Position : –
Target : –
Stop : –
New strategy :
Sell at 114.10, Target: 113.00, Stop: 114.45
Position : –
Target : –
Stop : –
As the greenback has rebounded after finding support just below 113.00, suggesting consolidation above 112.96 intra-day low would be seen and initial recovery to 113.70-75 is likely, however, reckon upside would be limited to 114.00-10 and price should falter well below resistance at 114.45-50, bring another retreat later, below said support at 112.96 would add credence to our view that top has been made, bring retracement of recent upmove to 112.70-75 (61.8% Fibonacci retracement of 111.65-114.45) but oversold condition should limit downside to 112.50 and reckon previous support at 112.30 would hold.
In view of this, we are looking to sell dollar on recovery but at a higher level as 114.00-10 should cap upside and bring another decline. Above 114.25 would signal the retreat from 114.45 has ended, bring retest of indicated strong resistance at 114.45-50 which is likely to hold on first testing.
