USD/JPY – 112.75
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 112.78
Kijun-Sen level : 112.47
Ichimoku cloud top : 112.07
Ichimoku cloud bottom : 111.87
Original strategy :
Buy at 111.25, Target: 112.55, Stop: 110.90
Position : –
Target : –
Stop : –
New strategy :
Buy at 112.00, Target: 113.00, Stop: 111.65
Position : –
Target : –
Stop : –
As the greenback has surged again after finding renewed buying interest at 111.96 yesterday, adding credence to our view that recent upmove is still in progress and bullishness remains for further subsequent gain to 113.10-15 (61.8% projection of 108.13-111.78 measuring from 110.87) but near term overbought condition should limit upside to previous resistance at 113.54 and reckon 113.75-80 (76.4% retracement of 115.51-108.13) would hold, risk from there has increased for a retreat to take place later.
In view of this, would not chase this rise here and would be prudent to buy dollar on subsequent pullback as said support at 111.96 should limit downside and bring another rise later. Below previous resistance at 111.78 would abort and suggest a temporary top is formed instead, bring correction to 111.43, then 111.21 support.
