USD/JPY – 113.23
Most recent candlesticks pattern  : N/A
Trend                     : Near term up
Tenkan-Sen level             : 113.07
Kijun-Sen level                 : 113.05
Ichimoku cloud top            : 113.07
Ichimoku cloud bottom     : 112.62
New strategy :
Buy at 112.85, Target: 113.85, Stop: 112.50
Position :Â –
Target :Â –
Stop : –
As the greenback has continued trading with a firm undertone, suggesting recent upmove may resume after consolidation, above resistance at 113.47 would extend headway to 113.75-80 but loss of momentum should prevent sharp move beyond 114.00, risk from there is seen for a retreat to take place later.
In view of this, we are looking to buy dollar on dips but one should exit on next rise. Below the lower Kumo (now at 112.62) would suggest top is possibly formed, bring weakness to 112.35-40 but break there is needed to add credence to this view, bring correction to 111.90-95 and later towards 111.73 support.
