USD/JPY – 111.25
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 111.21
Kijun-Sen level : 110.98
Ichimoku cloud top : 110.98
Ichimoku cloud bottom : 110.87
New strategy :
Buy at 110.85, Target: 111.85, Stop: 110.50
Position : –
Target : –
Stop : –
Current breach of indicated resistance at 111.23-24 signals low has indeed been formed at 110.48 and near term upside risk remains for a strong retracement of the fall from 112.13, hence gain to 111.50 (61.8% Fibonacci retracement of 112.13-110.48), then 111.70 is likely, however, as broad outlook remains consolidative, reckon upside would be limited to resistance at 111.95 and price should falter below another previous resistance at 112.13, bring retreat later.
In view of this, we are looking to buy dollar on pullback as 110.80-85 should limit downside. Only below support at 110.48 would extend recent decline to another previous support at 110.24, break there would bring subsequent selloff to 110.00 which is likely to hold on first testing.
