Trade Idea Wrap-up: USD/JPY – Buy at 112.80

USD/JPY – 113.17

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 113.15

Kijun-Sen level                  : 113.01

Ichimoku cloud top             : 112.61

Ichimoku cloud bottom      : 112.48

Original strategy  :

Buy at 112.80, Target: 113.70, Stop: 112.45

Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 112.80, Target: 113.70, Stop: 112.45

Position :  –

Target :  –

Stop : –

As the greenback has continued trading with a firm undertone, adding credence to our bullish view that the rise from 112.03 low is still in progress and may extend further gain to 113.40, then towards resistance at 113.75, however, break there is needed to retain bullishness and signal the rise from 110.84 low has resumed for headway towards 113.95-00 first.

In view of this, we are looking to buy dollar on pullback as 112.75-80 should limit downside and bring another rise later. Below 112.50-55 would suggest top is formed, bring test of 112.31 support but only break of latter level would signal the rebound from 112.03 has ended instead, bring retest of this level later.