Candlesticks Intraday

Trade Idea Update: USD/JPY - Buy at 111.90

Typography

USD/JPY - 112.31


Original strategy  :

Buy at 111.90, Target: 112.90, Stop: 111.55

Position :  -

Target :  -

Stop : -


New strategy  :

Buy at 111.90, Target: 112.90, Stop: 111.55

Position :  -

Target :  -

Stop : -


The greenback has rallied after finding renewed buying interest at 111.11 yesterday (after Fed), adding credence to our bullish view that recent upmove is still in progress and may extend further gain to 112.90-00, however, loss of near term upward momentum should prevent sharp move beyond 113.25-30 (1.236 times projection of 107.32-111.04 measuring from 109.55) and previous chart resistance at 113.58 would hold from here, bring retreat later.

In view of this, would not chase this move here and would be prudent to buy dollar on subsequent pullback as previous resistance at 111.88 should turn into support and contain downside, bring another upmove. Below the Ichimoku cloud (now at 111.51-54) would defer and suggest a temporary top is possibly formed, risk weakness towards support at 111.11.