USD/JPY – 112.81
Original strategy :
Buy at 112.30, Target: 113.30, Stop: 111.95
Position :Â –
Target :Â –
Stop : –
New strategy :
Buy at 112.50, Target: 113.50, Stop: 112.15
Position :Â –
Target :Â –
Stop : –
As dollar has surged again after finding renewed buying interest at 112.13 and just broke above resistance at 112.83, adding credence to our view that low has been formed at 111.65 and consolidation with mild upside bias remains for the rise from 111.65 low to extend gain to 112.95-00, however, near term overbought condition should limit upside to 113.30 and resistance at 113.44 should hold on first testing.
In view of this, we are looking to buy dollar on pullback as previous resistance at 112.48 (now support) should contain downside and bring another rise later. Below 112.25-30 would risk test of support area at 112.03-13 but price should stay well above said low at 111.65, bring another rise later.
