HomeTrade IdeasCandlesticks IntradayTrade Idea : USD/JPY - Buy at 112.60

Trade Idea : USD/JPY – Buy at 112.60

USD/JPY – 113.03

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 113.23

Kijun-Sen level                  : 113.44

Ichimoku cloud top             : 113.57

Ichimoku cloud bottom      : 113.47

Original strategy  :

Buy at 112.90, Target: 113.90, Stop: 112.55

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 112.60, Target: 113.60, Stop: 112.25

Position :  –

Target :  –

Stop : –

The greenback has fallen again and broke below previous support at 113.09, near term downside risk remains for the erratic decline from 114.74 top to extend weakness to 112.80-85 (61.8% Fibonacci retracement of 111.65-114.74), near term oversold condition should limit downside to 112.50-60 and bring rebound later, above 113.60 would suggest low is formed, bring another bounce towards 113.91 resistance first.

In view of this, we are inclined to buy dollar on further subsequent decline as 112.50-60 should limit downside. Below support at 112.30 would signal the fall from 114.74 top is still in progress for weakness towards 112.00-05 before prospect of another rebound.

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