USD/JPY – 113.94
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 114.06
Kijun-Sen level : 113.82
Ichimoku cloud top : 113.71
Ichimoku cloud bottom : 113.27
Original strategy :
Buy at 113.75, Target: 114.75, Stop: 113.40
Position : –
Target : –
Stop : –
New strategy :
Buy at 113.40, Target: 114.30, Stop: 113.05
Position : –
Target : –
Stop : –
As the greenback has continued moving higher after staging a strong rebound from 112.96 in part due to active cross-selling in yen, suggesting the retreat from 114.45 has ended at 112.96 and a retest of 114.45-50 strong resistance would be seen, however, break there is needed to retain bullishness and confirm early upmove has resumed for headway to 114.75-80 and later towards 115.00 but near term overbought condition should limit upside.
In view of this, we are looking to buy dollar on pullback as 113.35-40 should limit downside and bring another rise later. Below 113.20 would abort and suggest an intra-day top is formed, bring weakness towards said support at 112.96 which is likely to hold from here.
