USD/JPY – 110.93
Most recent candlesticks pattern  : N/A
Trend                     : Near term up
Tenkan-Sen level             : 110.60
Kijun-Sen level                 : 110.30
Ichimoku cloud top            : 109.97
Ichimoku cloud bottom     : 109.74
New strategy :
Buy at 110.40, Target: 111.40, Stop: 110.05
Position :Â –
Target :Â –
Stop : –
The greenback has surged and broke above previous resistance at 110.60, suggesting recent rise low 108.13 low is still in progress and bullishness remains for this move to bring at least a strong retracement of early downtrend, hence further gain to 111.20-25 and possibly towards resistance at 111.58 would be seen, however, near term overbought condition should prevent sharp move beyond 111.90-00 and price should falter well below resistance at 112.20.
In view of this, would not chase this rise here and would be prudent to buy dollar on subsequent pullback as the Kijun-Sen (now at 110.30) should limit downside, bring another rally. Below 110.00-05 would defer and suggest top is possibly formed, risk weakness to 109.80 but break of support at 109.59 is needed to provide confirmation.
