USD/JPY – 112.33
Original strategy :
Buy at 111.55, Target: 112.55, Stop: 111.20
Position :Â –
Target :Â –
Stop : –
New strategy :
Buy at 111.25, Target: 112.55, Stop: 110.90
Position :Â –
Target :Â –
Stop : –
As the greenback has continued trading with a firm undertone after recent rally above previous resistance at 111.74, adding credence to our view that recent upmove is still in progress and bullishness remains for further subsequent gain to 112.50-60 but near term overbought condition should limit upside to 112.80 and price should falter below 113.00-10, risk from there has increased for a retreat to take place later.
In view of this, would not chase this rise here and would be prudent to buy dollar on subsequent pullback as 111.21 support should limit downside. Below 111.00-05 would abort and suggest a temporary top is formed instead, bring correction towards 110.87 support first but previous resistance at 110.60 should turn into support and contain downside.
