Trade Idea: USD/JPY - Hold long entered at 90.20
USD/JPY – 90.25
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 90.23
Kijun-Sen level : 90.42
Ichimoku cloud top : 90.34
Ichimoku cloud bottom : 89.48
Original strategy :
Bought at 90.20, Target: 91.70, Stop: 89.55
New Strategy :
Hold long entered at 90.20, Target: 91.70, Stop: 89.70
Despite intra-day fall to 89.75, as dollar has rebounded after holding above support at 89.63, retaining our near term bullishness and as long as this intra-day support holds, gain to minor resistance at 90.72/74 is seen and break there would signal pullback from 91.09 is over, bring resumption of the rise from 88.14 to 91.70/80, however, as broad outlook is still consolidative, dollar shall falter well below resistance at 92.16 and further choppy trading would follow.
In view of the above analysis, we are holding on to our long position entered at 90.20 and take profit on such rise. Only break of the flat ground Ichimoku cloud bottom (now at 89.48) would bring stronger correction of the rise from 88.14 to 89.27 (61.8% Fibonacci retracement of 88.14 to 91.09) but reckon 88.70 would hold from here.
|
