USD/JPY – 112.59
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 112.46
Kijun-Sen level : 112.30
Ichimoku cloud top : 112.58
Ichimoku cloud bottom : 112.41
Original strategy :
Bought at 112.10, Target: 113.30, Stop: 111.75
Position : – Long at 112.10
Target : – 113.30
Stop : – 111.75
New strategy :
Hold long entered at 112.10, Target: 113.30, Stop: 111.95
Position : – Long at 112.10
Target : – 113.30
Stop : – 111.95
As the greenback found renewed buying interest just below 112.00 and has staged a rebound, suggesting the pullback from 113.09 has possibly ended at 111.99, retaining our bullishness and gain to 112.85-90 is likely, break there would confirm this view and bring retest of 113.09, above there would extend recent upmove to resistance at 113.33 and later towards 113.60-70.
In view of this, we are holding on to our long position entered at 112.10. Below 111.99 support would defer and risk weakness to 111.60 but only break of said support at 111.37-41 would abort and signal top is formed instead.
