USD/JPY – 112.14
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 112.30
Kijun-Sen level : 112.13
Ichimoku cloud top : 112.08
Ichimoku cloud bottom : 111.87
Original strategy :
Buy at 111.70, Target: 112.70, Stop: 111.35
Position : –
Target : –
Stop : –
New strategy :
Buy at 111.90, Target: 112.90, Stop: 111.55
Position : –
Target : –
Stop : –
The greenback has continued trading with 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 as 111.83 support 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.
