USD/JPY – 112.75
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 112.60
Kijun-Sen level : 112.73
Ichimoku cloud top : 112.57
Ichimoku cloud bottom : 112.24
Original strategy :
Buy at 112.10, Target: 113.30, Stop: 111.75
Position : –
Target : –
Stop : –
New strategy :
Buy at 112.10, Target: 113.30, Stop: 111.75
Position : –
Target : –
Stop : –
As the greenback retreated after rising to 113.09 yesterday, suggesting consolidation below this level would be seen and pullback to 112.10-20 cannot be ruled out, however, reckon downside would be limited to 111.80-85 and bring another rise later, above said resistance at 113.09 would extend recent rise to resistance at 113.33 but loss of upward momentum should prevent sharp move beyond 113.60-70.
In view of this, we are still looking to buy dollar on pullback as 112.00-10 should limit downside and bring another rise. Below 111.80 would defer and risk weakness to 111.60 but only break of said support at 111.37-41 would abort and signal top is formed instead.
