USD/JPY – 112.30
Most recent candlesticks pattern  : N/A
Trend                     : Near term down
Tenkan-Sen level             : 112.30
Kijun-Sen level                 : 112.07
Ichimoku cloud top            : 112.05
Ichimoku cloud bottom     : 111.88
Original strategy :
Buy at 112.10, Target: 113.10, Stop: 111.75
Position :Â –
Target :Â –
Stop : –
New strategy :
Buy at 112.05, Target: 113.05, Stop: 111.70
Position :Â –
Target :Â –
Stop : –
As dollar has surged again today after finding renewed buying interest at 112.03, adding credence to our view that low has been formed at 111.65 and consolidation with mild upside bias is seen for gain to 112.55-59 (50% Fibonacci retracement of 113.44-111.65 and previous resistance), however, break there is needed to signal the fall from 113.44 has ended, bring further gain to 113.00-10 but said resistance at 113.44 should hold from here due to near term overbought condition.
In view of this, we are looking to buy dollar on pullback as said support at 112.03 should limit downside and bring another rebound later. Below said support at 111.65 (yesterday’s low) would revive bearishness for the fall from 113.44 top to extend weakness to 111.47 support and later towards another previous support at 111.11 which is expected to remain intact.
