Trade Idea : USD/JPY – Buy at 112.50

USD/JPY – 112.83

Most recent candlesticks pattern   : N/A

Trend                      : Up

Tenkan-Sen level              : 112.62

Kijun-Sen level                  : 112.31

Ichimoku cloud top             : 112.00

Ichimoku cloud bottom      : 111.78

Original strategy  :

Buy at 111.70, Target: 112.70, Stop: 111.35

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 112.50, Target: 113.50, Stop: 112.15

Position :  –

Target :  –

Stop : –

As the greenback has surged again and broke above previous resistance at 112.72, confirming recent upmove has resumed and upside bias remains for further gain to 113.00, then 113.25-30 (1.236 times projection of 107.32-111.04 measuring from 109.55), however, near term overbought condition should prevent sharp move beyond previous chart resistance at 113.58 and reckon 113.75-80 would hold from here, risk from there has increased for a retreat later.

In view of this, we are looking to reinstate long on pullback as 112.40-50 should limit downside. Below the Kijun-Sen (now at 112.31) would defer and suggest an intra-day top is formed, brig correction towards the upper Kumo (now at 112.00) which is likely to hold on first testing.