USD/JPY – 111.96
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 111.72
Kijun-Sen level : 111.57
Ichimoku cloud top : 111.27
Ichimoku cloud bottom : 111.18
Original strategy :
Buy at 111.00, Target: 112.00, Stop: 110.65
Position : –
Target : –
Stop : –
New strategy :
Buy at 111.40, Target: 112.40, Stop: 111.05
Position : –
Target : –
Stop : –
As the greenback has surged again after brief pullback, adding credence to our view that low has been formed at 110.84 earlier this week, hence consolidation with upside bias remains for this rebound to bring retracement of recent decline, then further gain to 112.20 and possibly 112.40 would be sen, however, near term overbought condition should limit upside and price should falter below resistance at 112.72, bring retreat later this week.
In view of this, we are still looking to buy dollar on dips as 111.35-40 would limit downside. Below 111.05-10 would abort and signal the rebound from 110.84 has ended, bring retest of this level, break there would signal recent decline has resumed and extend weakness to 110.70 and possibly towards 110.50.
