USD/JPY – 113.00
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 113.01
Kijun-Sen level : 112.69
Ichimoku cloud top : 112.23
Ichimoku cloud bottom : 112.07
Original strategy :
Buy at 112.50, Target: 113.50, Stop: 112.15
Position : –
Target : –
Stop : –
New strategy :
Buy at 112.70, Target: 113.70, Stop: 112.35
Position : –
Target : –
Stop : –
As dollar has maintained a firm undertone after yesterday’s rally, above previous resistance at 112.83, adding credence to our view that low has been formed at 111.65 and consolidation with upside bias remains for the rise from 111.65 low to extend gain towards 113.30, however, near term overbought condition should limit upside to resistance at 113.44 and reckon 113.75-80 would hold on first testing.
In view of this, we are looking to buy dollar on pullback as the Kijun-Sen (now at 112.69) should limit downside and bring another rise. Below previous resistance at 112.48 (now support) would defer and signal top is formed instead, bring test of there upper Kumo (now at 112.25 but price should stay above support area at 112.03-13.
