USD/JPY – 114.77

Original strategy  :

Buy at 114.20, Target: 115.20, Stop: 113.85

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Position :  –

Target :  –

Stop : –

New strategy  :

Buy at 114.20, Target: 115.20, Stop: 113.85

Position :  –

Target :  –

Stop : –

Yesterday’s rally after finding renewed buying interest at 113.61 signals the rise from 111.69 is still in progress and may extend further gain to previous chart resistance at 114.96, however, break there is needed to signal early erratic rise from 111.59 low has resumed and extend gain towards another previous resistance at 115.38 but price should falter below previous resistance at 115.62, bring retreat later.

In view of this, we are looking to buy dollar on pullback as the Kijun-Sen (now at 114.19) should limit downside and bring another rise later. Below 113.95 support would signal an intra-day top is formed instead, risk weakness towards said strong support at 113.56-61 which is likely to hold from here.

 

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