USD/JPY – 111.16
Most recent candlesticks pattern  : N/A
Trend                     : Near term up
Tenkan-Sen level             : 111.06
Kijun-Sen level                 : 110.38
Ichimoku cloud top            : 109.59
Ichimoku cloud bottom     : 109.56
Original strategy :
Buy at 109.90, Target: 110.90, Stop: 109.55
Position :Â –
Target :Â –
Stop : –
New strategy :
Buy at 110.40, Target: 111.40, Stop: 110.05
Position :Â –
Target :Â –
Stop : –
As the greenback has surged again and broke above previous resistance at 110.81 (now support), adding credence to our view that low has been formed at 108.82 and the rise from there shall bring retracement of recent decline from 114.37, hence further gain to 111.40, then 111.60 (50% Fibonacci retracement of 114.37-108.82) would be seen, however, near term overbought condition should limit upside to previous resistance at 111.71 and price should falter well below another resistance at 112.13.Â
In view of this, we are looking to buy dollar on pullback but at a higher level. Whilst a return move to 110.81 cannot be ruled out, reckon another previous resistance at 110.35 would contain downside and bring another rise later.
