USD/JPY – 112.16
Most recent candlesticks pattern  : N/A
Trend                     : Up
Tenkan-Sen level             : 111.94
Kijun-Sen level                 : 111.89
Ichimoku cloud top            : 112.16
Ichimoku cloud bottom     : 112.13
Original strategy :
Buy at 111.80, Target: 112.80, Stop: 111.45
Position :Â –
Target :Â –
Stop : –
New strategy :
Buy at 111.70, Target: 112.70, Stop: 111.35
Position :Â –
Target :Â –
Stop : –
As the greenback found renewed buying interest at 111.47 and has staged a rebound, suggesting the pullback from 112.72 has possibly ended there and consolidation with upside bias is seen for gain to 112.53 resistance but break there is needed to confirm recent upmove has resumed and bring retest of 112.72, then towards 113.00 but reckon upside would be limited to 113.25-30 (1.236 times projection of 107.32-111.04 measuring from 109.55) and price should falter below previous chart resistance at 113.58.
In view of this, we are looking to reinstate long on pullback as 111.75-80 should limit downside and bring another rise. Below said support at 111.47 would abort and signal top has been formed at 112.27 last week, bring retracement of recent rise to 111.11-13 (previous support and 50% Fibonacci retracement of 109.55-112.72) but price should stay well above 110.75-80 (61.8% Fibonacci retracement).
