USD/JPY – 112.27
Original strategy :
Bought at 111.70, Target: 112.70, Stop: 111.70
Position : – Long at 111.70
Target : – 112.70
Stop : – 111.70
New strategy :
Hold long entered at 111.70, Target: 112.70, Stop: 111.90
Position : – Long at 111.70
Target : – 112.70
Stop : – 111.90
Although the greenback has retreated after meeting resistance at 112.52 and further consolidation below last week’s high at 112.72 would be seen, reckon downside would be limited to 111.80-85 and bring another rise, above 112.52 would bring retest of said resistance at 112.72, break there would confirm recent upmove has resumed and extend further gain to 112.90-00, then towards 113.25-30 (1.236 times projection of 107.32-111.04 measuring from 109.55), having said that, previous chart resistance at 113.58 would hold from here, bring correction later.
In view of this, we are holding on to our long position entered at 111.70. Only below indicated support at 111.65 would abort and risk weakness to 111.40-45 but break there is needed to signal a temporary top has been formed at 112.72, bring retracement of recent rise towards support at 111.11 first.
