USD/JPY – 111.29
Most recent candlesticks pattern  : N/A
Trend                     : Near term up
Tenkan-Sen level             : 111.34
Kijun-Sen level                 : 111.49
Ichimoku cloud top            : 111.50
Ichimoku cloud bottom     : 111.22
Original strategy :
Buy at 111.10, Target: 112.10, Stop: 110.75
Position :Â –
Target :Â –
Stop : –
New strategy :
Buy at 110.65, Target: 111.65, Stop: 110.30
Position :Â –
Target :Â –
Stop : –
As the greenback has retreated after rising marginally to 111.79 yesterday, suggesting consolidation below this level would be seen and pullback to 111.00 cannot be ruled out, however, reckon 110.65 (previous support as well as 38.2% Fibonacci retracement of 108.82-111.79) would limit downside and bring another rise later, only break of said resistance at 111.79 would signal the rise from 108.82 low is still in progress for headway to 111.90-95 (50% projection of 108.82-111.42-110.65) but upside should be limited to resistance at 112.13 and 112.25 (61.8% Fibonacci retracement of 114.37-108.82 and 61.8% projection) should hold from here.
In view of this, we are looking to buy dollar on pullback as 110.65 support should limit downside. Below 110.30-35 (50% Fibonacci retracement of 108.82-111.79 and previous resistance turned support) would abort and signal a temporary top has been formed instead, risk weakness towards 109.95-00 (61.8% Fibonacci retracement).
