USD/JPY – 110.15
Original strategy :
Buy at 109.50, Target: 110.50, Stop: 109.15
Position :Â –
Target :Â –
Stop : –
New strategy :
Buy at 109.50, Target: 110.50, Stop: 109.15
Position :Â –
Target :Â –
Stop : –
The greenback opened higher today and rallied to as high as 110.60, adding credence to our view that a temporary low has been formed at 108.13 last week and bullishness remains for this move to extend further gain, above said resistance at 110.60 would bring test of 111.00, however, near term overbought condition should limit upside and price should falter well below resistance at 111.58, bring retreat later.
In view of this, would not chase this rise here and would be prudent to buy dollar again on dips as previous resistance at 109.50 should turn into support and limit dollar’s downside, bring another rise later. Below the upper Kumo (now at 109.20) would abort and suggest an intra-day top is formed, bring weakness to the lower Kumo (now at 108.98) first.
