USD/JPY – 113.92
Original strategy :
Buy at 113.40, Target: 114.45, Stop: 113.05
Position : –
Target : –
Stop : –
New strategy :
Buy at 113.40, Target: 114.45, Stop: 113.05
Position : –
Target : –
Stop : –
As the greenback has maintained a firm undertone after this week’s rally, suggesting recent upmove is still in progress and may extend further gain to 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, 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 pullback as 113.35-40 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.
