Candlesticks Intraday

Trade Idea Update: USD/JPY - Buy at 109.65

Typography

USD/JPY - 110.61


Most recent candlesticks pattern   : N/A

Trend                      : Up


Tenkan-Sen level              : 110.30

Kijun-Sen level                  : 110.25

Ichimoku cloud top             : 109.52

Ichimoku cloud bottom      : 108.71


Original strategy  :

Buy at 109.45, Target: 110.45, Stop: 109.10

Position :  -

Target :  -

Stop : -


New strategy  :

Buy at 109.65, Target: 110.65, Stop: 109.30

Position :  -

Target :  -

Stop : -


As the greenback has surged again in NY morning, adding credence to our bullish view that recent rise from 107.32 low is still in progress and may extend further gain towards previous resistance at 110.95-05, however, break there is needed to retain upside bias and encourage for headway to 111.30, having said that, near term overbought condition should prevent sharp move beyond another previous resistance at 111.71, bring retreat later.

In view of this, would not chase this rise here and would be prudent to buy dollar on subsequent pullback. Below the Kijun-Sen (now at 110.25) would bring test of support at 109.90 but reckon the upper Kumo (now at 109.52) would contain downside and bring another rally later