USD/JPY – 111.20
Original strategy :
Buy at 110.35, Target: 111.35, Stop: 110.00
Position : –
Target : –
Stop : –
New strategy :
Buy at 110.35, Target: 111.35, Stop: 110.00
Position : –
Target : –
Stop : –
Dollar’s retreat after meeting resistance at 111.42 has retained our view that consolidation below this level would be seen and pullback to 110.30-35 (50% Fibonacci retracement of 109.27-111.42) cannot be ruled out, however, renewed buying interest should emerge there and bring rebound later, above 111.25-30 would bring retest of 111.42 but break there is needed to confirm the rise from 108.82 low has resumed for retracement of recent decline from 114.37 to 111.60 (50% Fibonacci retracement of 114.37-108.82) and then test of previous resistance at 111.71 but price should falter well below another resistance at 112.13.
In view of this, we are looking to buy dollar on pullback but one should exit on next rise. Below 110.05-10 (61.8% Fibonacci retracement of 109.27-111.42) would abort and signal top has been formed, bring further fall to 109.85-90 and possibly towards 109.50 but support at 109.27 should remain intact.
