USD/JPY – 112.25
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 112.38
Kijun-Sen level : 112.57
Ichimoku cloud top : 112.59
Ichimoku cloud bottom : 112.37
Original strategy :
Bought at 112.20, Target: 113.20, Stop: 111.85
Position : – Long at 112.20
Target : – 113.20
Stop : – 111.85
New strategy :
Exit long entered at 112.20,
Position : – Long at 112.20
Target : –
Stop : –
As the greenback met renewed selling interest at 112.66 and has slipped again today, suggesting a temporary top has been formed at 113.05 and near term downside risk is seen for retracement of recent rise, hence weakness to 112.00 is likely, however, reckon downside would be limited to 111.73-78 (38.2% Fibonacci retracement of 109.59-113.05 and previous resistance) and reckon 111.21-32 (previous support and 50% Fibonacci retracement) would contain weakness, bring rebound later.
In view of this, would be prudent to exit long and stand aside in the meantime. Above 112.45-50 would bring test of said intra-day resistance at 112.66 but a firm break above there is needed to signal the pullback from 113.05 has ended, bring further gain towards this level, then 113.10-15 (61.8% projection of 108.13-111.78 measuring from 110.87) but upside should be limited to previous resistance at 113.54
