USD/JPY – 112.25
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 112.23
Kijun-Sen level : 111.97
Ichimoku cloud top : 111.80
Ichimoku cloud bottom : 111.61
Original strategy :
Buy at 111.60, Target: 112.60, Stop: 111.25
Position : –
Target : –
Stop : –
New strategy :
Buy at 111.80, Target: 112.80, Stop: 111.45
Position : –
Target : –
Stop : –
The greenback has maintained a firm undertone after this week’s rally on active cross-selling in yen, adding credence to our bullishness and signal the rise from 108.82 low is still in progress, hence further gain to 112.75–80 (61.8% projection of 108.82-111.79 measuring from 110.95) would be seen, however, loss of momentum should limit upside and price should falter below 113.00-10 today, risk from there is seen for a retreat later.
In view of this, would not chase this rise here and we are looking to buy dollar on pullback but at a higher level as 111.80 should limit downside. Below minor support at 111.46 would defer and suggest top is possibly formed, risk weakness to 111.10-15, break there would confirm, then test of support at 110.95 would follow.
