USD/JPY – 111.47
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 111.53
Kijun-Sen level : 111.37
Ichimoku cloud top : 111.27
Ichimoku cloud bottom : 111.14
Original strategy :
Buy at 111.00, Target: 112.00, Stop: 110.65
Position : –
Target : –
Stop : –
New strategy :
Buy at 111.00, Target: 112.00, Stop: 110.65
Position : –
Target : –
Stop : –
As the greenback found good support at 110.84 earlier this week and has rebounded, retaining our view that further consolidation above this level would be seen and corrective bounce to previous support at 111.88 is likely, however, reckon upside would be limited to 112.00-10 and price should falter below 112.35-40 and bring another decline later this week.
In view of this, we are still looking to buy dollar on dips. Below said support at 110.84 would signal recent decline is still in progress and may extend weakness to 110.70 and possibly towards 110.50 but loss of momentum should limit downside to 110.20-25 and reckon 110.00 would hold from here.
