USD/JPY – 113.78
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 113.86
Kijun-Sen level : 113.67
Ichimoku cloud top : 113.55
Ichimoku cloud bottom : 113.39
Original strategy :
Buy at 113.40, Target: 114.40, Stop: 113.05
Position : –
Target : –
Stop : –
New strategy :
Buy at 113.40, Target: 114.40, Stop: 113.05
Position : –
Target : –
Stop : –
Dollar’s rebound after finding renewed buying interest at 113.24 adds credence to our view that the pullback from 114.10 has ended and break of this level would confirm recent rise from 111.65 has resumed for headway to 114.45-50 (50% projection of 111.65-114.10 measuring from 113.24) but reckon upside would be limited to 114.75-80 (61.8% projection) and 115.00 would hold from here.
In view of this, we are looking to buy dollar again on pullback as 113.30-40 should hold, bring another rise. Below 113.20-24 (50% Fibonacci retracement of 112.30-114.10 and said support) would defer and bring correction to 112.95-00 (61.8% Fibonacci retracement) but reckon 112.60-70 and bring another rise later.
