USD/JPY – 112.87
Original strategy :
Buy at 111.90, Target: 112.90, Stop: 111.55
Position : –
Target : –
Stop : –
New strategy :
Buy at 112.40, Target: 113.40, Stop: 112.05
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 113.00 would be seen, however, near term overbought condition should prevent sharp move beyond 113.40 and price should falter below 113.75-80, 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 112.40 should limit downside. Below 112.10-15 would suggest an intra-day top is formed, bring correction towards 111.83 support.
