USD/JPY – 114.09
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 113.85
Kijun-Sen level : 113.47
Ichimoku cloud top : 112.65
Ichimoku cloud bottom : 112.57
Original strategy :
Buy at 113.35, Target: 114.45, Stop: 113.00
Position : –
Target : –
Stop : –
New strategy :
Buy at 113.35, Target: 114.45, Stop: 113.00
Position : –
Target : –
Stop : –
As dollar’s upmove has gathered momentum, suggesting recent upmove is still in progress and bullishness remains for further gain to 114.25-30 (100% projection of 110.87-113.05 measuring from 112.09) and then 114.50-55 (100% projection of 108.13-111.78 measuring from 110.87), however, near term overbought condition should limit upside to 114.75-80 and price should falter below 115.00, bring retreat later.
In view of this, would not chase this rise here and would be prudent to buy dollar on pullback as the Kijun-Sen (now at 113.31) should contain downside. Only below previous resistance at 113.05 would defer and suggest top is formed, bring correction of recent upmove to 112.70-80 but reckon support at 112.39 would remain intact.
