USD/JPY – 113.62
Most recent candlesticks pattern  : N/A
Trend                     : Near term up
Tenkan-Sen level             : 113.41
Kijun-Sen level                 : 113.04
Ichimoku cloud top            : 112.65
Ichimoku cloud bottom     : 112.57
New strategy :
Buy at 113.10, Target: 114.10, Stop: 112.75
Position :Â –
Target :Â –
Stop : –
As dollar has rallied after breaking above previous resistance at 113.05 (now support), adding credence to our bullish view that recent upmove is still in progress and may extend further gain to 113.75-0 (76.4% retracement of 115.51-108.13) and later towards 114.00, however, reckon upside would be limited to 114.25-30 (100% projection of 110.87-113.05 measuring from 112.09) and 114.50-55 (100% projection of 108.13-111.78 measuring from 110.87) should hold.
In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as said previous resistance at 113.05 should limit downside, bring another rise. Below 112.80 would defer and suggest top is possibly formed, bring correction to 112.55-60 but support at 112.39 should contain weakness.
