USD/JPY – 112.13
Original strategy :
Bought at 111.70, Target: 112.70, Stop: 111.60
Position :Â – Long at 111.70
Target :Â – 112.70
Stop : – 111.60
New strategy :
Hold long entered at 111.70, Target: 112.70, Stop: 111.60
Position :Â – Long at 111.70
Target :Â – 112.70
Stop : – 111.60
Although the greenback retreated after rising to 112.72 yesterday and consolidation below said resistance would be seen initially, reckon 111.65 would contained downside and bring another rise later towards said resistance but only break there would confirm recent upmove has resumed and extend further gain to 112.90-00, then towards 113.25-30 (1.236 times projection of 107.32-111.04 measuring from 109.55), having said that, previous chart resistance at 113.58 would hold from here, bring retreat later.
In view of this, we are holding on to our long position entered at 111.70. Below said support at 111.65 would risk weakness to 111.40-45 but break there is needed to signal a temporary top has been formed at 112.72, bring retracement of recent rise towards support at 111.11 first.
