USD/JPY – 112.68
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 112.46
Kijun-Sen level : 112.46
Ichimoku cloud top : 112.71
Ichimoku cloud bottom : 112.51
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the greenback has rebounded after finding support at 112.09 and gain towards 112.90-00 cannot be ruled out, break of yesterday’s high at 113.05 is needed to confirm recent upmove has resumed and extend gain to 113.10-15 (61.8% projection of 108.13-111.78 measuring from 110.87) but reckon upside would be limited to previous resistance at 113.54 and price should falter well below 113.90-00.
In view of this, would not chase this rise here and would be prudent to stand aside for now. Below 112.09 support would bring test of 111.96 but break of this level is needed to signal a temporary top has been formed at 113.05, bring correction to 111.73-78 (38.2% Fibonacci retracement of 109.59-113.05 and previous resistance), however, reckon 111.21-32 (previous support and 50% Fibonacci retracement) would contain weakness.
