USD/JPY – 117.97
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 117.63
Kijun-Sen level : 117.42
Ichimoku cloud top : 116.84
Ichimoku cloud bottom : 116.62
New strategy :
Buy at 117.45, Target: 118.45, Stop: 117.10
Position : –
Target : –
Stop : –
As the greenback has surged again after brief pullback to 117.21, suggesting the rally from 116.04 (last week’s low) is still in progress and may extend gain towards resistance at 118.25, however, a break above there is needed to signal the pullback from 118.66 has ended, bring retest of this level later.
In view of this, we are looking to buy dollar on pullback as the Kijun-Sen (now at 117.43) should limit downside and support at 117.21 should remain intact. Only a firm break below said support at 117.21 would defer and risk correction to 116.80-85 before prospect of another upmove.
