USD/JPY – 114.01
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 113.99
Kijun-Sen level : 113.88
Ichimoku cloud top : 113.99
Ichimoku cloud bottom : 113.62
Original strategy :
Buy at 113.20, Target: 114.20, Stop: 112.85
Position : –
Target : –
Stop : –
New strategy :
Buy at 113.40, Target: 114.30, Stop: 113.05
Position : –
Target : –
Stop : –
Although the greenback rebounded after finding support at 113.54 and gain to 114.20-25 cannot be ruled out, however, break of indicated strong resistance at 114.45-50 is needed to retain bullishness and confirm early upmove has resumed for headway to 114.75-80 and later towards 115.00 but overbought condition should limit upside. If said resistance continues to hold, then further consolidation would take place and another retreat to 113.40-45 cannot be ruled out but 113.15-20 should hold, bring another rise.
In view of this, we are looking to buy dollar on pullback as 113.40 should limit downside and bring another rise later. Only a break below said support at 112.96 would abort and suggest top has been formed at 114.45, bring retracement of recent rise to 112.70-75 (61.8% Fibonacci retracement of 111.65 to 114.45) but previous resistance at 112.48 should hold.
