USD/JPY – 112.07
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 112.31
Kijun-Sen level : 112.43
Ichimoku cloud top : 112.61
Ichimoku cloud bottom : 112.25
Original strategy :
Bought at 112.10, Target: 113.30, Stop: 111.75
Position : – Long at 112.10
Target : – 113.30
Stop : – 111.75
New strategy :
Hold long entered at 112.10, Target: 113.30, Stop: 111.75
Position : – Long at 112.10
Target : – 113.30
Stop : – 111.75
Although the greenback slipped again today and marginal weakness from here cannot be ruled out, reckon downside would be limited and 111.80 should hold, bring rebound later, above 112.90 would signal the retreat from 113.09 has ended, bring retest of this level, break there 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 holding on to our long position entered at 112.10. 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.
