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Candlesticks and Ichimoku Intraday |
Written by ActionForex.com |
Mar 12 10 09:21 GMT
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Trade Idea: USD/JPY - Buy at 90.00
USD/JPY – 90.94
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 90.63
Kijun-Sen level : 90.36
Ichimoku cloud top : 89.66
Ichimoku cloud bottom : 89.41
Original strategy :
Buy at 89.65, Target: 91.30, Stop: 89.00
New Strategy :
Buy at 90.00, Target: 91.70, Stop: 89.35
Although dollar has risen again after intra-day brief retreat to 90.16, loss of near term upward momentum should prevent sharp move beyond 91.60/70 today and the greenback is expected to falter well below resistance at 92.16 and bring correction later.
In view of the above analysis, would not advise chasing current rise here and we prefer to wait for subsequent retreat to enter long as dollar should stay well above 89.63-66 (previous support and current level of the Ichimoku cloud top) and bring another rally early next week. Only below the Ichimoku cloud bottom (now at 89.41) would abort and signal top has been formed.
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