Candlesticks Intraday

Trade Idea : USD/JPY - Buy at 111.00

Typography

USD/JPY - 111.73


Most recent candlesticks pattern   : N/A

Trend                      : Up


Tenkan-Sen level              : 111.63

Kijun-Sen level                  : 111.51

Ichimoku cloud top             : 110.99

Ichimoku cloud bottom      : 110.45


New strategy  :

Buy at 111.00, Target: 112.00, Stop: 110.65

Position :  -

Target :  -

Stop : -


As the greenback has continued trading with a firm undertone after recent anticipated rally, suggesting the reversal from 107.32 low is still in progress and further gain to 112.00, then 112.20 resistance would be seen, however, near term overbought condition should prevent sharp move beyond 112.40-45, risk from there has increased for a retreat later.

In view of this, would not chase this move here and would be prudent to buy dollar on subsequent pullback as 111.00-05 should limit downside. Below 110.62 support would abort and signal a temporary top is formed instead, risk correction to 110.30-35, then towards 110.00 which is likely to hold from here.